Chevron Venezuela oil operations are accelerating as U.S. energy companies reassess their role in the country following major political developments. Chevron remains the only U.S. oil major with an active presence in Venezuela and is now preparing to scale up production as peers evaluate a potential return.
Chevron is preparing to expand its oil operations in Venezuela as interest from U.S. energy companies continues to grow. ExxonMobil, ConocoPhillips, and several other firms are assessing how they could participate in rebuilding the country’s energy sector.
U.S. Energy Secretary Chris Wright confirmed the renewed interest after meeting with senior oil executives. He said companies want to stay engaged while policymakers work toward clearer investment rules.
“Maybe we’ll get to a framework where they’ll go in in a large way again,” Wright said Thursday on Fox Business Network. “For now, they are staying active and involved.”
ExxonMobil did not immediately respond to requests for comment. ConocoPhillips also declined to comment.
The talks follow the apprehension of Venezuelan President Nicolás Maduro, which has raised expectations that oil production could recover after years of corruption, underinvestment, and operational decline.
President Donald Trump is scheduled to meet with oil executives at the White House on Friday. The discussion will focus on energy security and long-term investment conditions.
Despite growing interest, oil companies remain cautious. Executives want firm guarantees on asset protection, payment security, and political stability before committing large sums of capital.
ExxonMobil and ConocoPhillips previously operated in Venezuela but exited in the mid-2000s after former President Hugo Chávez nationalized foreign-owned assets.
Wright said interest has surged since Maduro’s arrest. He added that conversations with Chevron, Exxon, and ConocoPhillips are ongoing and frequent.
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