Conoco Philips has been trying for years to recover the approximately USD 12 billion that the company lost from the nationalization of its assets in Venezuela, carried out during the government of Hugo Chávez. Exxon Mobil also filed international arbitration lawsuits seeking the recovery of $1.65 billion. – writes Reuters.
Read also: Five facts about the standard of living in Venezuela. What do residents have to face?
The US attack on Venezuela and the capture of its president Nicolas Maduro (although many important countries in the world consider the last two elections rigged and do not treat Maduro as president) is a vision of increasing profits for US oil companies. Donald Trump indicates that if they want to recover losses after nationalization, they must invest billions of dollars in Venezuela.
Chevron stayed in Venezuela after nationalization
In pre-market trading Chevron shares gained 6.7% on Monday, surpassing $166. The historical record of November 2022 ($189.68 per share) is less and less.
Chevron Corp. is the only major American oil company currently operating in Venezuela pursuant to special authorization from the US government. Chevron remained in Venezuela after the nationalization of foreign oil assets at the turn of the century. Among the world's industry giants, it is best positioned to immediately benefit from greater U.S. control over the world's largest oil reserves.
Read also: Countries with the largest oil reserves. List of giants
Exxon Mobil grows by 3.3%. to almost $127. and if such a quotation had already occurred during the session, it would be a record.
At last Conoco Philips shares gain 5.2%. to almost $102. However, there is still a long way to the historical record of March 2024 ($128.34).
However, it is not known how much global oil companies will be willing to invest significant funds in a country run by an interim government supported by the US. There are no legal and tax regulations yet, and the country is currently still ruled by Maduro's comrades, writes Bloomberg.
