US EditionBig Oil Doesn’t Share Trump’s Dream of Making Venezuelan Oil Great Again
The administration aims to rebuild Venezuela's oil sector through US firms despite infrastructure damage and $53 billion needed to maintain production, industry sources say.
- On Monday, a senior White House official said Energy Secretary Chris Wright and Secretary of State Marco Rubio have begun outreach to US oil companies on behalf of President Donald Trump, with correspondence underway.
- Venezuela holds the world’s largest proven oil reserves, but Rystad estimates $183 billion is needed to return production to 3 million barrels per day from the late 1990s, with years of disrepair leaving infrastructure in disarray.
- Chevron remains the best positioned US company, producing about 150,000 barrels per day under a sanctions license recently extended by the administration, while ExxonMobil and ConocoPhillips face nationalization claims from around 2006 totaling $12 billion and almost $2 billion.
- Industry sources say oil companies are unlikely to dive in right now given political and operational risks, as cheap crude and a 20% plunge last year make oil CEOs and shareholders wary.
- The administration could offer guarantees or incentives to unlock investment, officials say, but analysts warn political stability and long-term confidence in Venezuela’s institutions are paramount.
22 Articles
22 Articles
Donald Trump’s plan is to invest billions of dollars for the restructuring of the oil industry in the Latin American nation
News 4 San Antonio
Trump says the US will fix Venezuela’s oil industry; TX experts say the idea faces hurdles
WOAI NBC News Channel 4 San Antonio provides local news, weather forecasts, traffic updates, investigations, and items of interest in the community, sports and entertainment programming for San Antonio and nearby towns and communities in South Central Texas, including Windcrest, Uvalde, Universal City, Somerset, Seguin, Schertz, San Marcos, Sabinal, Poth, Poteet, Pleasanton, Pearsall, New Braunfels, Live Oak, Kerrville, Hondo, Helotes, Goliad, F…
Analysis by Matthew Egan, CNN: President Donald Trump may have made a serious miscalculation regarding Venezuelan oil. Trump has expressed enthusiasm at the prospect of U.S. oil companies acquiring the Latin American country's vast oil resources. But industry sources have told CNN that U.S. oil executives are unlikely to rush headlong into Venezuela for several reasons: the situation on the ground remains highly uncertain, Venezuela's oil indust…
Coverage Details
Bias Distribution
- 72% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
