A pump jack stands near an oil spill at a Petroleos de Venezuela SA (PDVSA) facility in the Orinoco Belt of El Tigre, Venezuela.
Between 2004 and 2007, Chávez effectively forced foreign companies to renegotiate their contracts with the government. The new terms sharply reduced the role and profits of private firms while strengthening Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PDVSA).
The move drove some of the world’s largest oil companies out of the country.
ExxonMobil and ConocoPhillips exited Venezuela in 2007 and later filed claims against the government in international arbitration courts. Those courts ultimately ruled in favor of the companies, ordering Venezuela to pay ConocoPhillips more than $10 billion and ExxonMobil more than $1 billion.
US OIL GIANTS MUM AFTER TRUMP SAYS THEY’LL SPEND BILLIONS IN VENEZUELA
President Donald Trump addresses the nation following the U.S. capture of Venezuelan President Nicolas Maduro. (Alex Brandon/AP)
"Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets," the statement added.
On Saturday, Trump told reporters at Mar-a-Lago that he wanted U.S. oil companies to "spend billions of dollars, fix the badly broken oil infrastructure and start making money for the country."
He added that the United States "built Venezuela’s oil industry with American talent, drive and skill," and said that once the country’s energy sector is revived, the U.S. would sell that oil to markets around the world.
Venezuela’s heavy financial liabilities underscore the hurdles U.S. energy companies would face in committing new investment, despite Trump’s pledge to reengage.
Amanda covers the intersection of business and politics for Fox News Digital.
https://www.foxnews.com/politics/venezuela-still-owes-us-energy-companies-billions-trump-calls-new-investment