President Trump says he wants U.S. oil giants to move back into Venezuela following the capture of President Nicolás Maduro, promising billions in investment to rebuild the country’s broken energy infrastructure and revive production, NPR writes.
But despite holding the world’s largest proven oil reserves, Venezuela today pumps barely a third of what it did two decades ago—and its heavy, high-carbon crude is among the most polluting to extract. Years of forced contract renegotiations under Hugo Chávez left ExxonMobil and ConocoPhillips owed billions, while Chevron remains responsible for roughly a quarter of the country’s current output.
Analysts warn that a global oil glut, low prices and political instability could blunt any comeback, especially as neighboring Guyana emerges as a far more attractive oil hotspot with lighter crude, lower taxes and fewer state controls.
For U.S. producers weighing a return, NPR reports, Venezuela may look rich in resources—but fraught with legal, financial and geopolitical risk.
