Economist Francisco Rodríguez says no Venezuelan government would enter such a deal unless they were “held at gunpoint.”
Page F2From§Eachthe supper edition — 1 September 2026
Chevron drills deeper into Venezuela oil as White House offers 100-year leases
Chevron's expansion into Venezuela's oil sector aligns with the White House's release: 100-year leases granted to seventeen oil fields. That's a lease term longer than most nations' constitutions, and certainly longer than any quarterly earnings call expects. The receipts show two sides: Chevron drilling deeper, and the government offering terms that outlast most human lifespans. The ledger reads: one company, one century, seventeen fields. The gap is the life expectancy of a lease versus the volatility of markets, and the party holding the gap is anyone betting on stability. The scale is precise: a hundred years, not ninety-nine. In lieu of surprise, the column asks: who else gets terms like these, hon?
“Chevron's getting a century in Venezuela, and the White House is signing the deed. That's not a deal, that's a land grab with a press badge. The bill lands on the oil fields and the folks who count on them.”
“Energy independence means leveraging partnerships wherever possible. These leases are a sign of confidence in the market—wait, did I say 100 years? That sounds long, but it's just prudent planning. It's not permanent, it's just forward-thinking, right?”
The receipts
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.