Trump Promises Oil Firms Total Safety in Venezuela, Seeks $100 Billion Investment

US President Donald Trump urged American oil corporations to invest billions of dollars in Venezuela on Friday, assuring “total safety” as Washington seeks to overhaul the country’s energy sector following the arrest of former President Nicolás Maduro, according to Reuters.

What Trump Told Oil Executives

Trump met with senior executives from major oil corporations such as Exxon Mobil, Chevron, and ConocoPhillips at the White House to discuss rebuilding Venezuela’s energy sector. He stated that US corporations may invest at least $100 billion to boost oil production.

“American companies will have the opportunity to rebuild Venezuela’s energy infrastructure,” Trump stated during the meeting.

He also stated that oil output might increase dramatically, and that the United States would profit from cheaper energy prices.

Trump stated that the funding would come from oil firms rather than US taxpayers. “The plan is for them to spend at least $100bn of their money, not the government’s money,” according to him. “They don’t need government money, but they do require government protection and security,” he said, according to Reuters.

He also warned firms that if they were unwilling to participate, others would. “I got 25 people that aren’t here today that are willing to take your place,” Trump informed reporters.

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Companies had a mixed response.

While numerous executives welcomed discussions with the administration, some businesses expressed concern.

Exxon Mobil CEO Darren Woods stated Venezuela is currently “uninvestable” owing to previous asset seizures and legal uncertainties. “To re-enter would require some pretty significant changes,” he said, according to Reuters.

Chevron, the only major US oil corporation currently operating in Venezuela, stated that it is committed but does not intend to make any imminent large-scale investments.

Analysts and industry professionals are nonetheless apprehensive, citing political uncertainty and expensive prices. Venezuela has the world’s greatest oil reserves, but produces just approximately 1% of global supply due to years of underinvestment.

Some Democratic senators have criticized US officials for stating that they plan to manage Venezuela’s oil sales and profits in order to limit corruption and drug trafficking.

The Energy Secretary and Enforcement

According to Reuters, US Energy Secretary Chris Wright described Washington’s talks with Venezuela since Maduro’s detention as “fantastic”. He noted that the US Export-Import Bank could be utilized to fund huge oil projects, but no final decision has been made.

Trump stated that negotiations with energy corporations were underway and aimed at securing concrete pledges. “We have to get them to invest, and then we have to get their money back,” he explained, according to Reuters.

Trump has confirmed arrangements to meet with Venezuelan opposition leader María Corina Machado next week. “She’s coming in sometime next week,” he told me. The president also stated that relations with Venezuela’s interim leadership were now “very good”.