Expect Chevron operations in Venezuela to grow 'quickly', U.S. energy chief says

As I've said, Voldemort will likely cut a deal for the US to take the lead in extraction and refining Venezuelan crude, in return for which the folks running the gov there will stay out of a US prison and will be financially enriched.

Everybody's happy. Err...not necessarily the folks living under the thumb of that Banana Republic's corrupt gov. Oh well.

BTW, you're wondering about China right? The Dark Lord will reach out to Xi and promise to ship him tons of attractively price oil/natural gas undercutting the Chinese dependance on Russia and Iran for the stuff. Deliciously evil!

Expect Chevron operations in Venezuela to grow 'quickly', U.S. energy chief says

Chevron has been cautious on elaborating the future of its operations in Venezuela, after the U.S. military raid that ousted its leader Nicolás Maduro

By Joseph Zeballos-Roig, Quartz Mediua

Published 19 hours ago

Energy Secretary Chris Wright said on Thursday that he expects Chevron, still the sole U.S. oil company operating in Venezuela, to grow its footprint there in the immediate future.

"You're going to see probably a growth in Chevron activities there quickly," he said in a Fox Business interview with host Maria Bartiromo. "You're going to see Conoco and Exxon and dozens of other American firms immediately looking at 'hey, what constructive role can we play? How can we be a little bit of help for existing operations? Maybe we can get to a framework where we'll go in in a large way again.'"

Spokespeople for the $317 billion oil giant did not immediately respond to a request for comment.

Chevron has been cautious on elaborating the future of its operations in Venezuela, after the U.S. military raid that ousted its leader Nicolás Maduro and killed 100 people, per Venezuela's interior minister. Chevron has a special license granted by the U.S. government authorizing it to pump heavy Venezuelan crude, and the firm is now responsible for a quarter of the country's daily production.

Earlier this week, the company said it was focusing on the safety and well-being of its employees and acting in "full compliance with all relevant laws and regulations.”

For years, Chevron has maneuvered through intense economic and political turbulence to preserve its presence in Venezuela. Some of its employees has been jailed in disputes with Maduro's government, and Chevron has struggled to collect debt payments as well from the state-owned oil sector.

The rough political terrain proved too risky for other oil giants such as ExxonMobile and ConocoPhillips. Those two companies exited Venezuela after Maduro's predecessor forced them to accept smaller stakes in Venezuelan projects without getting compensated for it nearly two decades ago.

President Donald Trump aims to possess a stake in Venezuela's vast oil wealth, as the U.S. increasingly dictates the country's future in a staggering display of belligerent behavior. In a two-hour interview with The New York Times published Thursday, Trump said that the U.S. will rebuild Venezuela "in a very profitable way."

"We're going to be using oil, and we're going to be taking oil. We're getting oil prices down, and we're going to be giving money to Venezuela, which they desperately need," he told the Times. He added that U.S. oversight of the country could last years.

The Trump administration said earlier on Thursday that will control sales of Venezuelan oil "indefinitely," and deposit the proceeds into U.S.-controlled accounts at major financial institutions.

Trump also said in a Wednesday evening Truth social post that "Venezuela is going to be purchasing ONLY American Made Products, with the money they receive from our new Oil Deal." He listed future purchases of U.S.-made agricultural, medicinal, and energy products.

The interim Venezuelan government offered a muted response to Thursday's string of developments. “We’ve taken a very clear stance Venezuela is open to energy relations where all parties benefit, where economic cooperation is clearly defined in commercial contracts," acting Venezuelan President Delcy Rodríguez said. "That’s our position.”