The logic of Chevron’s bet on staying put in Venezuela is that it will have earlier access to the country’s vast resources if the political clouds clear, said Edward Chow, a former Chevron executive and a senior associate at the Center for Strategic and International Studies.
Former and current U.S. officials said Chevron orchestrated a persistent campaign to reopen Venezuela, involving efforts by Chief Executive Mike Wirth and other top executives. Earlier this year, Mr. Wirth told U.S. Energy Secretary Jennifer Granholm that Chevron could quickly increase production in Venezuela, shoring up global oil supplies following Russia’s invasion of Ukraine, people familiar with the meeting said.
Mr. Maduro’s government has already reaped huge political benefits from the deal and could receive desperately needed oil revenue, analysts say. Though Chevron is banned from paying taxes or royalties to the Venezuelan treasury under the new license, the PdVSA-controlled joint ventures it participates in will make such payments, replenishing the government’s coffers as production rises, according to University of Denver international affairs professor Francisco Rodríguez.
“Given the Chinese presence, the Russian presence and the Iranian presence, it was really important to have a U.S. company in Venezuela,” he said.
The risk of huge profits
so its supporting a brutal dictatorship? how is this a good thing again?
Reliably sucking the balls of Big Oil lol
Biden begging the dirtiest produces to pump more. Proving that global warming is not real.
This begs the question, why aren't we pumping more oil in North America? And, it is cleaner than Venezuela oil. Is Biden standing in the way? BigOil FAIL
Gee I wonder how John Kerry makes all that money...
Why not in the great USA?
WSJ trying to spin this as a good thing, yet, we all know this is totally climate change controversial.
If they can impeach Trump for a phone call I think it’s fair game to impeach Biden for manipulating the oil market.
Imagine if the US had oil to pump
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