Chevron CEO says patience pays off in Venezuela oil deal
For two decades, Chevron stayed while all its major peers quit after former Venezuelan President Hugo Chavez nationalized foreign assets atop the world's largest oil reserves.
Chevron's CEO has stated that patience and perseverance are key to success in difficult oil deals, particularly in challenging environments like Venezuela. For two decades, the Houston-based energy giant remained committed to the Venezuelan market despite abandoning many other ventures following President Hugo Chavez's nationalization of foreign assets in the mid-2000s.
The company faced numerous obstacles, including U.S. sanctions, accounting write-offs, the arrest of employees, and accusations of collusion with a regime plagued by corruption and human rights abuses. However, their steadfast commitment has finally paid off with a landmark deal announced on Wednesday. This agreement is expected to secure billions of barrels of oil reserves, which could last into the 2040s and possibly beyond.
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