Chevron’s decision to remain the only U.S. oil major operating in Venezuela could be a boon for the company after U.S. forces captured Venezuelan President Nicolás Maduro on Saturday.
In the days since the military raid, President Donald Trump pledged that U.S. oil companies would soon flood into Venezuela, which has the largest oil reserves in the world. And Trump told NBC News on Monday that U.S. oil companies could have expanded operations “up and running” in the country within 18 months.
Analysts have questioned the feasibility of Trump’s timeline, but say Chevron’s consistent presence in Venezuela gives the Texas-based company an edge in boosting production and tapping assets there. As of early last year, Chevron produced about a fifth of all Venezuela’s oil, according to analysts with Rystad Energy.
“They’ve got on-the-ground networks that are active and ready to go,” said Schreiner Parker, head of emerging markets at Rystad. “They’re already engaging with suppliers who can provide the services that are needed to do the work.”
