Chevron is positioning itself at the center of a dramatic shift in Venezuela’s oil sector following the U.S. capture of President Nicolás Maduro, as President Trump says the United States will take control of the country’s vast crude reserves and sell large amounts to other nations.
According to the Wall Street Journal, Chevron is now uniquely placed as the only major U.S. oil company still operating inside Venezuela after years of political turmoil, nationalizations, and sanctions drove competitors out.
Trump Pledges U.S.-Led Rebuild of Venezuela’s Oil Industry
Speaking at a press conference at Mar-a-Lago, President Trump said major U.S. oil companies would enter Venezuela, invest billions of dollars, and repair the country’s severely degraded oil infrastructure.
“We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,” Trump said.
Trump also stated that Venezuela had previously seized U.S. oil assets, referring to former President Hugo Chávez’s nationalization of Exxon Mobil and ConocoPhillips properties in the mid-2000s.
Venezuela’s Oil Reserves Valued in the Trillions
Venezuela claims to hold more than 300 billion barrels of proven crude oil reserves, a figure that would make it the largest oil reserve holder in the world if accurate, according to the Wall Street Journal.
Market analysts highlighted the scale of those reserves following Trump’s announcement. The Kobeissi Letter noted that with oil prices around $57 per barrel, Venezuela’s reserves could be worth approximately $17.3 trillion, even valuing the oil at half that price would still imply trillions of dollars in potential revenue.
The Kobeissi Letter added that the value of the reserves exceeds the GDP of every country in the world except the United States and China, underscoring the potential impact on global energy markets.
Chevron’s Strategic Position Inside Venezuela
Chevron has maintained operations in Venezuela despite years of economic collapse, sanctions, and declining production. The company currently produces about 300,000 barrels per day through joint ventures, accounting for roughly one-third of the country’s total output.
Venezuela now pumps approximately 900,000 barrels per day, down from nearly 3 million barrels per day in 2013, according to state oil company PdVSA figures cited by the Wall Street Journal.
Chevron said in a statement that its immediate focus remains the safety of its employees and the integrity of its assets. The company and its joint ventures employ around 3,000 people in Venezuela and operate projects across the Orinoco Belt and near Lake Maracaibo.
Global Reaction and Oil Market Implications
China, which has been a major buyer of Venezuelan crude, is closely watching developments. The BRICS Info account reported that Trump said the U.S. would sell Venezuelan oil to other countries following Maduro’s capture.
Oil markets are expected to react when trading opens, with analysts warning that the coming days could be critical as investors assess how U.S. control of Venezuelan production could reshape global supply dynamics.
While Chevron stands in a prime position, experts caution that broader industry participation will depend on long-term political stability, regulatory clarity, and the durability of Venezuela’s transition following Maduro’s removal.
