United States President Donald Trump is preparing to convene a high-level meeting with top energy executives at the White House, aiming to recruit Western companies for a massive project to rebuild Venezuela's crippled oil industry. The meeting, which could occur as soon as this Thursday or Friday, underscores a strategic push to harness Venezuela's vast reserves.
White House Meeting Details and Attendees
The planned gathering is expected to include Trump, Energy Secretary Chris Wright, and Interior Secretary Doug Burgum. Secretary of State Marco Rubio may also attend, according to sources familiar with the private deliberations. The timing remains fluid, a White House official noted.
This move follows the recent U.S. military operation that led to the capture of Venezuelan leader Nicolás Maduro. The conversations reflect Trump's eagerness to secure Venezuela's mammoth oil reserves as a potential revenue source and an opportunity to expand American energy influence globally.
Corporate Caution and Infrastructure Challenges
Despite the administration's enthusiasm, major oil companies are approaching the proposition with significant caution. Executives are wary of committing tens of billions of dollars over the next decade without firm guarantees of physical and financial security. Concerns persist about the stability of a post-Maduro government.
The scale of the challenge is immense. Venezuela's oil infrastructure—including pipelines, pump stations, and processing facilities—is aging and decrepit. Firms that participate in Trump's proposed rebuild would be tasked with revitalizing this entire system. Just sustaining Venezuela's current production of about 1 million barrels per day would require an estimated US$53 billion in investment over the next 15 years, according to analysts at Rystad Energy. This output is a far cry from the country's peak in the 1970s.
Historical Context and Industry Meetings
The historical context adds another layer of complexity for potential investors. Exxon Mobil Corp. and ConocoPhillips previously operated in Venezuela but left after their assets were nationalized by Maduro's predecessor, Hugo Chávez, in the mid-2000s. Chevron Corp. currently operates there under a special U.S. government license.
In a related development, Energy Secretary Chris Wright is separately scheduled to meet with executives from major oil companies, including Chevron and ConocoPhillips, at the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami. Additionally, representatives from Spain's Repsol SA, which lost its U.S. license to export Venezuelan oil last year, are slated to meet with Trump administration officials this week.
Some industry representatives have expressed concern that a large, industry-wide meeting at the White House could limit candid discussion due to antitrust considerations. In the current political climate, such a gathering could also be interpreted as a blanket endorsement of Trump's plan to deploy Western oil firms to resurrect the Venezuelan oil sector.
