Chevron(US:CVX) Sou Hu Cai Jing·2026-01-09 07:07Core Viewpoint - Chevron has become the last major oil exporter in Venezuela following U.S. sanctions and military actions against the Maduro government, leading to a significant shift in the geopolitical landscape surrounding Venezuelan oil resources [2][3]. Group 1: Chevron's Position in Venezuela - Chevron's CEO Mike Wirth has been actively lobbying U.S. officials to extend the company's operations in Venezuela, highlighting the company's long-standing presence and its strategic importance in the region [1][24]. - As of 2022, Chevron was the only major U.S. oil company still operating in Venezuela, contributing to approximately 25% of the country's oil production, which is around 1 million barrels per day [19][17]. - The company has been granted specific licenses by the U.S. Treasury to continue its operations, focusing on existing projects rather than initiating new ones [17][19]. Group 2: Historical Context of Venezuelan Oil - Venezuela's oil industry has a complex history, beginning in the early 20th century when foreign companies, including Chevron, established a foothold in the country, leading to a significant increase in oil production [6][8]. - By 1928, Venezuela became the world's largest oil exporter, with oil accounting for 91% of its export income by 1935 [8][9]. - The nationalization of the oil industry in 1976 led to the establishment of the state-owned company PDVSA, which initially thrived but later faced management issues and political instability [9][10][11]. Group 3: Current Geopolitical Dynamics - The recent U.S. military actions in Venezuela have been framed as efforts to control the country's oil resources, with expectations that Chevron could be the primary beneficiary if the U.S. gains control [3][29]. - The U.S. has a strategic interest in Venezuelan heavy crude oil, which complements its existing refining capabilities, despite having significant domestic oil reserves [25][28]. - Analysts express skepticism about the feasibility of U.S. companies, including Chevron, investing heavily in Venezuela due to the country's unstable political climate and the need for substantial capital to revitalize its oil production [32][33]. Group 4: Future Prospects - Chevron's future in Venezuela remains uncertain, with potential for increased operations if U.S. sanctions are lifted or modified, but significant risks persist due to the country's historical mismanagement of its oil sector [31][34]. - The U.S. government is reportedly considering discussions with major oil companies about investing in Venezuela's oil industry, indicating a potential shift in policy that could benefit Chevron [34].