Christian also said the companies would not go back until sanctions against the country are removed. Venezuela would also have to reform its laws to allow for larger investment by foreign oil companies. Venezuela nationalized the industry in the 1970s and in the 2000s ordered a forced migration to joint ventures controlled by its state oil company, PDVSA. Most companies negotiated exits and migrated, including Chevron, while a handful of others did not reach deals and filed for arbitration. Chevron would be positioned to benefit the most from any potential oil opening in Venezuela, said Francisco Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute in Houston, Texas.

Source: Taipei Times January 06, 2026 16:41 UTC