President Donald Trump spoke to the nation about the US kidnapping of Venezuelan President Nicolás Maduro and his wife.
After the dramatic capture of Venezuelan President Nicolás Maduro, the US is now poised to have a major impact on the future of the world’s largest oil reserves.
Venezuela, a country almost twice the size of California, is sitting on a rare treasure.
Of more than 300 billion barrels, in Venezuela it holds larger proven oil reserves than established heavyweights such as Saudi Arabia, Iran and Kuwait.
The Latin American country is home to an estimated 300 billion barrels—about 20% of the world’s supply and about four times what the US has.
However, most of those oils are difficult and expensive to produce.
Venezuela’s reserves are dominated by heavy and very heavy crude oil that requires special equipment, constant maintenance and advanced refining capacity, much of which is in decline after years of under-exploitation, US sanctions and political instability.
‘BUILD VENEZUELA’S OIL INDUSTRY:’ TRUMP VOWES US TO BRING BACK POWER AFTER MADURO’S DEPOSIT
An exterior view of the El Palito refinery in Puerto Cabello, Venezuela, a facility owned and operated by the country’s state-owned oil company. (Photos by Jesus Vargas/Getty Images)
Similar changes have occurred in places like Iran and Libya, where chaos, financial stress and crumbling infrastructure have kept vast reserves locked underground.
Weekend, President Donald Trump he said he would seek to revive the once prominent property by consolidating investments in major American energy companies.
“We’re going to get our biggest oil companies in the United States to come in, spend billions of dollars, fix our broken oil infrastructure and start making money for the country,” Trump said during a news conference at Mar-a-Lago.
VENEZUELA STILL OWES ENERGY COMPANIES BILLIONS AS TRUMP SEEKS NEW INVESTMENT
Chevron said in a statement sent to Fox News Digital that it was following “appropriate laws and regulations” after the US operation that captured Venezuelan President Nicolas Maduro. (Photos by Brandon Bell / Getty Images)
U.S. power companies have not said whether they plan to return in Venezuela to revive the oil industry that has been shut down by years of neglect.
Chevron, the only US oil titan operating in Venezuela, said in a statement to Fox News Digital that it follows “appropriate laws and regulations.”
“Chevron remains focused on the safety and well-being of our employees, and the integrity of our assets,” said a Chevron spokesperson.
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ConocoPhillips wrote in a statement to Fox News Digital that it is monitoring developments in Venezuela and “potential consequences for global energy supply and stability.”
“It would be premature to speculate on any future business activities or investments,” a ConocoPhillips spokesman added.
ExxonMobil, the US oil giant, did not immediately respond to a request for comment.
