this post was submitted on 02 Sep 2026
68 points (100.0% liked)

World News

57937 readers
1796 users here now

A community for discussing events around the World

Rules:

Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world

Ask Historians !askhistorians@lemmy.world


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

founded 3 years ago
MODERATORS
 

Oil giant Chevron is confirming that it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits.

Chevron said Wednesday that it has been assigned additional acreage in the Orinoco Belt, where the company has an established position. Joint venture plans include investing more than $7 billion over the next five years, more than doubling production to approximately 600,000 barrels a day compared to 2026.

you are viewing a single comment's thread
view the rest of the comments
[–] Nautalax@lemmy.world 2 points 3 days ago* (last edited 3 days ago) (2 children)

I wonder what was promised to Chevron to change their minds. Companies are usually pretty hesitant to throw around billions of dollars into a country that has previously seized similar investments, and the pay-off is a sour crude that is more difficult to refine and not as desired so they can’t command that high of a price. There’s a reason why Exxon-Mobil is quoted in the article as saying that Venezuela is un-investable, despite that pissing off Trump. And one of the other links in the article was saying Venezuela could require more on the order of one hundred billion dollars to get to four million barrels a day (which is roughly the peak production they once enjoyed) so in light of that seven billion while enough to be a giant risk for an individual company it doesn’t come close to rejuvenating the industry for Venezuela either barring wild success on a slim budget.

Maybe it’s like a play for the cameras. Say some words and Trump can throw around his favorite words like deal and billions, cash in on whatever approval that nets you, then quietly curtail much of the money some years down the line when Trump is out of office.

[–] AdolfSchmitler@lemmy.world 1 points 2 days ago

Its to try and quell the masses imo. People hate when gas prices go up but as long as there's "a plan" put forward it will satisfy most people cuz they think something is being done.

Heard we'll completely run out of our oil reserves in like 46 weeks so idk how a 5 year plan is going to address that lol

[–] PumpkinSkink@lemmy.world 3 points 3 days ago

This is my immediate thought too. I have been under the impression that, after having their infrastructure partially nationalized during the Bolivarian revolution Chevron and the like viewed Venezuelan oil as too risky to invest the absolute shitloads of money they would need to to expand their production beyond where it already is. Maybe Chevron is uniquely positioned for this because of the extent of their preexisting infrastructure, but I'm curious to see if they just slow walk the deal until Trumps out, or something?

I certainly think the possibility of Venezuelans throwing a wrench in the plans after anger with the theft of their sovereignty boils over is greater than zero, but, like, who knows what's being said beyond public knowledge. Maybe the bad taste left by Maduro is enough where thats just not a risk? Maybe there's some other assurances we aren't privvy to? Maybe Chevron is just greedy enough to try regardless?