On June 14, 2020, President Trump signed an executive order prohibiting U.S. courts from seizing Venezuelan oil revenues held in U.S. Treasury accounts. This decision directly benefits Chevron, which holds one of the few remaining U.S. oil operating licenses in Venezuela. By blocking legal claims from creditors of the Maduro government, Chevron secures uninterrupted access to its existing assets—most notably the Cardón IV and Plataforma Deltana joint ventures—and preserves its ability to repatriate dividends and manage cash flows without litigation delays.

During a May meeting with national oil companies and U.S. officials, Energy Secretary Chris Wright highlighted Chevron’s projection of ramping Venezuelan output by 50% over the next three years. This pathway relies on reactivating four offshore wells in the Cardón IV field, upgrading aging gas injection systems and importing specialized drilling equipment from Houston. Chevron engineers estimate these projects could add approximately 80,000 barrels per day to current production of 160,000 barrels per day, contingent on sustained political support and U.S. export licenses.

Trump’s broader plan envisions over $100 billion in U.S. investments to reconstruct Venezuela’s oil and gas infrastructure. Chevron stands to lead a consortium that would modernize pipelines, refurbish decaying platforms and construct a new floating storage unit off the Paraguaná Peninsula. Senior Chevron executives have discussed multi-year oversight agreements with U.S. regulators, potentially extending Chevron’s operational control in Venezuela through 2030. This commitment positions Chevron to capture a significant share of incremental market barrels as global oil demand recovers.