Houston: The Trump administration is preparing to meet with executives of U.S. oil companies this week to discuss ways to increase oil production in Venezuela following the U.S. military operation that ousted Nicol¡s Maduro from power.
According to Thai News Agency, this meeting is considered key to the government's hopes of accelerating the restoration of crude oil exports from Venezuela, a former OPEC member and the country with the world's largest oil reserves, particularly those suitable for U.S. refineries. However, analysts estimate that restoring the industry could take several years and require massive investment of billions of dollars.
It is currently unclear regarding the list of executives who will attend the meeting, nor has it been specified whether energy companies will participate individually or as a joint meeting in the form of an industry delegation. Although President Trump has stated that he has held discussions with all oil companies, senior sources from the three largest U.S. oil companies-Exxon Mobil, ConocoPhillips, and Chevron-provide conflicting information, stating that no representatives from any of the three companies have held discussions with the White House regarding operations in Venezuela, either before or after the ouster of President Maduro.
White House spokesman Taylor Rogers stated that the government is confident that U.S. oil companies are ready and willing to invest heavily in rebuilding Venezuela's energy infrastructure, which was damaged under the administration of former leader Maduro. In addition, President Trump revealed to NBC television that the U.S. government might consider subsidizing oil companies to enable them to successfully restore infrastructure in Venezuela.
Regarding coordination prior to military operations, Mr. Trump acknowledged that there was no formal advance notification, but that the oil companies were aware of the possibility of certain government actions. He also stated that it was too early to confirm whether he had spoken personally with the top executives of all three companies, concluding only that he is always in contact with all parties. Meanwhile, CBS News reported that executives from all three oil companies are scheduled to meet with Energy Secretary Chris Wright on Thursday.