For nearly twenty years, Chevron’s stubborn refusal to leave Venezuela looked like a multibillion-dollar blunder. As Caracas and Washington traded blows, the company’s investments sat in the crosshairs. Today, however, Bloomberg reports that Chevron stands on the brink of the world’s ultimate oil prize.
While tensions between President Donald Trump and President Nicolás Maduro escalate to the brink of military action, Chevron remains the only global oil major with access to the planet’s largest known crude reserves.
The Last Giant Standing
As Trump deploys warships off the Venezuelan coast, Chevron occupies a unique strategic position. Whether the US attempts to topple Maduro or strikes a grand bargain, the Houston-based firm is the only player capable of rebuilding the nation’s shattered energy infrastructure.
Despite Trump recently labelling the Maduro government a «foreign terrorist organisation», Chevron’s operations continue. As of last Thursday, the company was prepared to export 1 million barrels of Venezuelan crude. Currently, Chevron produces roughly 200,000 barrels per day through joint ventures with the state-owned Petróleos de Venezuela SA (PDVSA), shipping the oil to US refineries on the Gulf Coast.
A Precarious Balancing Act
Chevron’s presence is fraught with extreme risk. Hostilities could see the company expelled by either Trump or Maduro—a fate that previously befell rivals like ExxonMobil and ConocoPhillips. However, both leaders currently view Chevron as a vital asset:
For Maduro: The company provides a rare, legal stream of revenue and technical expertise.
For Trump: Chevron offers a foothold in the region and a mechanism to keep US petrol prices stable.
While PDVSA’s “ghost fleet” of tankers struggles under a US naval blockade in the Southern Caribbean, Chevron operates under special licences that bypass these sanctions. Even when the Venezuelan government arrested two Chevron employees in 2018, Maduro continued to praise the company, stating he wanted them to stay for “another 100 years.”
Political Crossfire: Imperialism vs. Complicity
Chevron’s unique deal draws fire from all sides:
In Washington: Critics, including Secretary of State Marco Rubio, accuse Chevron of pumping billions into a “violent and corrupt regime.”
In Caracas: Hardliners view the company as a symbol of «US imperialism» and demand an end to foreign influence.
Chevron maintains that its presence stabilises the local economy and ensures regional security. CEO Mike Wirth remains defiant: “We’ve been there through good times and bad… we have to take a long-term view.”
Historical Gambles and the Road to 2028
The company’s survival dates back to the era of Hugo Chávez. When Chávez demanded a 51% state stake in all oil ventures, ExxonMobil and ConocoPhillips walked away. Chevron chose to negotiate. That bet initially paid off as oil prices soared toward $146 a barrel in 2008.
Today, as global oil prices sit near four-year lows, the US has more room to squeeze Maduro without causing a price shock at home. If regime change occurs, competitors like Exxon may look to return, but they remain wary of past expropriations. Chevron, having never left, holds the keys to the kingdom. As Wirth famously put it: “We don’t choose where the resource is. If we left every time we disagreed with a government, we’d leave everywhere.”
(information from skai.gr)