"The land in question includes the largest proven oil reserves on Earth - at some 300 billion barrels, roughly 17 percent of global totals. But after years of political turmoil and U.S. sanctions, Venezuela accounts for barely 1 percent of global crude production. "It's true that they know the oil is there," said Samantha Gross, the director of the Energy Security and Climate Initiative at the Brookings Institution. "But the aboveground risks are huge.""
"Today, Chevron is uniquely positioned in the aftermath of the invasion: Its leadership and board have long orbited Republican circles, with deep ties to the Trump administration and a history of big GOP donations. "Chevron's in [Venezuela]," Trump said on Saturday, but "they're only there because I wanted them to be there." The company did not respond to requests for comment."
"Just before Chevron celebrated its renewed lifeline, it scored another victory: After years of wrangling with the Federal Trade Commission, it finally acquired Hess Corporation, one of the biggest independent oil producers in the United States. Last year, the agency had banned CEO John Hess from joining Chevron's board as part of its anti-trust review, alleging that he had colluded with OPEC representatives to fix oil prices."
Venezuela contains the largest proven oil reserves on Earth, about 300 billion barrels or roughly 17 percent of global totals. Years of political turmoil and U.S. sanctions have cut crude output to roughly 1 percent of global production. Aboveground risks, unclear governance, and legal uncertainty deter major industry investment. Chevron has strategic positioning through political ties and recent corporate moves, including acquiring Hess after an FTC review. Industry voices warn that oil companies are reluctant to commit tens of billions to rebuild without clear legal frameworks. Restoring production would require major upgrades to aging infrastructure.
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