Chevron’s CEO says the company’s long wait has begun to pay off in a Venezuela oil deal. The company, he argues, held onto legal rights to resources during years when producing them commercially was uncertain.
Both outlets describe how Chevron differs from other major oil companies’ approaches in Venezuela. After former President Hugo Chávez nationalized foreign assets over what is described as the world’s largest oil reserves, many peers left the country. Bloomberg characterizes Chevron’s strategy as a prolonged “hang around” approach—securing rights first and determining profitable production later. The Japan Times emphasizes that Chevron remained while competitors exited, underscoring the duration of the standstill.
