Oil giant Chevron is confirming that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits.
Chevron said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. Joint venture plans include investing more than $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026.
Didn’t oil companies lose their asses the last time they invested in Venezuela? Bet they are getting money up front from the US this time.
Lost theirs twice before. I’m afraid the answer isn’t money but the promise of the US military protecting the business interests.
Well, countries, let alone businesses, can’t rely on the US anymore. Look at Saudi Arabia. The US said they wouldn’t protect them from the Houthis anymore.