President Donald Trump engaged in discussions with oil industry leaders aiming to secure $100 billion in investments to access Venezuela’s oil reserves, coinciding with the seizure of an oil tanker by US forces in the Caribbean Sea.
Trump, who recently mentioned Venezuela’s commitment to providing millions of barrels of oil to the US, held talks with top oil company executives at the White House on Friday. Despite expressing interest in the opportunity, the executives voiced concerns due to previous asset seizures in Venezuela.
Among the attendees was ExxonMobil’s CEO, Darren Woods, the largest US oil company, who emphasized the current challenges in Venezuela’s investment landscape. He mentioned that ExxonMobil would evaluate the situation, considering their past experiences of asset seizures in the country.
Other companies present included Chevron, ConocoPhillips, Halliburton, Valero, Marathon, and Shell. Trump reassured the executives of their safety despite Venezuela’s history of asset seizures, ongoing US sanctions, and political instability.
In a separate development, US forces intercepted an oil tanker in the Caribbean Sea, marking the fifth such incident in recent weeks. The Trump administration has been targeting tankers involved in the illicit oil trade to and from Venezuela with sanctions.
Venezuela’s oil production has declined to below one million barrels per day. Energy Secretary Chris Wright noted that it could take up to eight to 12 years for Venezuela’s daily oil production to reach three million barrels per day following the discussions with oil executives.
The administration’s strategy involves collaborating with Venezuelan leaders and the country’s people to ensure the security of investments, rather than deploying US forces. Trump highlighted the experience and resilience of the oil executives, comparing the challenges in Venezuela to other demanding oil drilling locations.
