US EditionChevron Plans 50% Venezuela Output Boost as Exxon Weighs Return
Trump urges oil firms to invest $100 billion to revive Venezuela's oil sector with security and financial guarantees amid ongoing political and legal uncertainties.
- On Friday, President Donald Trump will meet with oil company executives at the White House to discuss investment plans for Venezuela, with the White House saying firms will restore its oil infrastructure.
- Venezuela holds 303 billion barrels of proven crude oil reserves but produces about 800,000 barrels per day, far below its 3.5 million peak in the 1990s, and industry cost estimates say revitalization needs tens of billions of dollars.
- Energy Secretary Chris Wright, Interior Secretary Doug Burgum, and other officials joined Trump, who planned to meet with Chevron, Exxon Mobil, and ConocoPhillips, as he teased reimbursements for investments.
- The administration projects a 50% production increase within 12 to 18 months, linking U.S. oil firms’ output boost to lowering prices and the president’s $50 a barrel target.
- Lobbyists and industry analysts warn of a disconnect between the White House timeline and Big Oil’s willingness to return, citing ROI, political stability, expropriation risk, and worker safety concerns.
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297 Articles
Washington. U.S. President Donald Trump held a meeting with executives of oil companies, in which he called on them to invest $100 billion in Venezuela; businessmen, however, expressed caution in alluding to the legal barriers that still exist.
For the "reconstruction" of the Venezuelan oil industry, US President has invited the leaders of the major American oil companies to the White House. One of them contradicts Trump – and becomes astonishingly clear.
Exxon CEO calls Venezuela 'uninvestable', but trusts Trump to fix legal safeties
Woods said that while he is confident that Venezuela would witness the necessary changes under the US administration, ExxonMobil will put a technical team on the ground to assess the country's oil infrastructure
Top meeting at the White House: US President Donald Trump met with managers of 17 oil companies on Friday to convince them of investments.
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