Chris Wright Takes Venezuela Pitch To Oil Executives In Miami
US oil companies & Washington maps out plans to revive the country’s collapsed energy sector, ~Bloomberg
(Tyler Durden Reports) – The Trump administration is accelerating efforts to draw US oil companies into Venezuela, with Energy Secretary Chris Wright expected to hold discussions with industry leaders this week as Washington maps out plans to revive the country’s collapsed energy sector, according to Bloomberg.
Wright will be in Miami for the Goldman Sachs Energy, Clean Tech & Utilities Conference, a major industry gathering that will bring together executives from Chevron, ConocoPhillips and other producers. Chevron remains the only global oil supermajor maintaining operations inside Venezuela .
President Donald Trump is betting that American energy firms will ultimately anchor Venezuela’s recovery, but companies are signaling they won’t rush in without firm political and legal assurances. Years of corruption and neglect have severely damaged production, leaving infrastructure in need of massive long-term reinvestment.
Bloomberg writes that despite Venezuela holding the world’s largest proven crude reserves, experts estimate restoring its oil system would require approximately $10 billion in investment every year for the next decade.
Industry participants say interest in the country is real, but the recent removal of President Nicolás Maduro alone is not enough to unlock capital. Companies want clarity on whether a durable government will emerge, whether contracts and the rule of law will be respected, and whether US political support for their presence in Venezuela will extend beyond Trump’s term in office.
The White House has already engaged multiple energy companies in early-stage talks, according to a US official. Administration officials say the private sector is prepared to move when conditions stabilize.
“All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure,” White House spokeswoman Taylor Rogers said.
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