UPDATE: Representatives from major oil companies, including Chelvon, ConocoPhillips, and ExxonMobil, are poised to meet with the Trump administration this Thursday to discuss investment opportunities in Venezuela. This meeting follows the U.S. military’s capture of former Venezuelan President Nicolás Maduro on Saturday, marking a significant shift in U.S. relations with the oil-rich nation.
This urgent meeting, confirmed by sources to CBS News, will be led by Energy Secretary Chris Wright. The discussions come as President Trump urges U.S. oil companies to reinvest in Venezuela’s struggling oil industry. Venezuela boasts the world’s largest proven oil reserves, yet its production has dwindled to approximately 1 million barrels per day, mostly exported to China and contributing less than 1% of global oil production, according to OPEC.
Chevron remains the only major U.S. oil company currently operating in Venezuela, holding a special license from the Treasury Department. In contrast, ExxonMobil and ConocoPhillips exited Venezuela in 2007 due to government demands for majority stakes in oil ventures. The uncertainty surrounding political stability raises questions about whether U.S. firms will immediately reinvest.
White House spokeswoman Taylor Rogers stated,
“All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime.”
She emphasized that American oil companies would positively impact the Venezuelan people while representing U.S. interests.
However, a Chevron spokesperson declined to comment on future production plans, focusing instead on the safety of their employees and asset integrity. ConocoPhillips termed it “premature” to speculate on potential investments, while ExxonMobil did not respond to inquiries.
The American Petroleum Institute, through spokesperson Bethany Williams, highlighted the critical factors that influence investment decisions: stability, rule of law, and long-term operational considerations. “Globally, energy companies make investment decisions based on these elements,” she added.
As the discussions unfold, the implications for Texas and the broader U.S. economy remain uncertain. With questions surrounding the rebuilding of Venezuela’s oil infrastructure, the potential benefits for American energy markets are still under scrutiny.
Watch for updates on the meeting’s outcomes and how they could reshape the future of Venezuela’s oil industry. As developments continue, the global energy landscape could be significantly impacted.
Stay tuned for more breaking news as this situation evolves.