5 things to know about Venezuela's oil industry, US involvement
3. Chevron is the only major US oil company operating in Venezuela
Chevron has maintained a presence in Venezuela for more than a century, beginning in the 1920s, when it was known as Gulf Oil. In 1946, the company discovered the large Boscán Oil Field in the western part of Venezuela, which continues to be a major resource.
Unlike ExxonMobil and ConocoPhillips, Chevron agreed to take a minority stake amid Chavez's nationalization.
The company has continued to participate in joint ventures with PDVSA to produce up to 250,000 barrels of oil daily and export them under a special U.S. Treasury license, though even exports from Chevron were subject to blockade last week amid political turmoil, according to Reuters.
"Chevron remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets. We continue to operate in full compliance with all relevant laws and regulations," a Chevron spokesperson recently said in a statement to multiple outlets, including The Associated Press.
