Chevron Venezuela Edge

Benzinga

Analysts said rebuilding Venezuela’s oil sector will take years and massive capital despite President Trump’s call for U.S. companies to step in, with Chevron seen as best positioned due to its existing presence, according to CNBC.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02President Trump said U.S. oil companies should rebuild Venezuela's energy sector

00:06after the overthrow of Nicolas Maduro, but analysts said restoring output will take years

00:11and large investment, according to CNBC. Venezuela holds 303 billion barrels of proven reserves,

00:18but would need $53 billion over 15 years to maintain output near 1.1 million barrels per day.

00:25Ristat Energy estimates $183 billion would be needed to reach 3 million barrels per day by

00:312040. Chevron holds an advantage as the only major U.S. oil company still operating in Venezuela

00:37through government-licensed joint ventures with Petróleos de Venezuela. ExxonMobil and

00:42ConocoPhillips exited after nationalization in 2007. Analysts cited political risk,

00:48legal uncertainty, and long investment timelines as obstacles.

00:52Chevron shares rose more than 5% Monday.

00:55For all things money, visit Benzinga.com.

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