Major oil companies to meet with Trump administration on Venezuela, sources say

CBS News – Representatives from petroleum giants Chevron, ConocoPhillips and ExxonMobil are planning to meet with the Trump administration later this week to discuss Venezuela, two sources confirmed to CBS News.

The meeting is expected to take place Thursday with Energy Secretary Chris Wright, one source familiar with the matter said.

The meetings come as President Trump pushes U.S. oil companies to invest in Venezuela’s oil industry, following the U.S. military’s capture of former Venezuelan President Nicolás Maduro on Saturday.

Venezuela is estimated to have the world’s largest proven oil reserves, but its oil industry has languished after years of mismanagement, underinvestment and tight U.S. sanctions. The country produces around 1 million barrels of crude oil per day, according to OPEC, most of which is exported to China — representing less than 1% of global oil production.

Chevron is the only major U.S. petroleum company that currently operates in Venezuela under a special license from the Treasury Department. ExxonMobil and ConocoPhillips left the country in 2007, after Maduro’s predecessor, Hugo Chavez, demanded that Venezuela’s state-run oil company take majority stakes in the country’s oil ventures.

It remains uncertain whether U.S. firms will reinvest in Venezuela right away. Experts say it would take companies years to build out their operations in Venezuela, and many oil companies could tread lightly because of political uncertainty.

White House spokeswoman Taylor Rogers said: “All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime. American oil companies will do an incredible job for the people of Venezuela and will represent the United States well.”

A Chevron spokesperson declined to comment to CBS News on whether it plans to boost production in Venezuela, saying it “remains focused on the safety and well-being of our employees, as well as the integrity of our assets.”

A ConocoPhillips spokesperson said it would be “premature to speculate on any future business activities or investments.” ExxonMobil did not respond to a request for comment.

American Petroleum Institute spokesperson Bethany Williams said the trade group is “closely watching developments involving Venezuela.”

“Globally, energy companies make investment decisions based on stability, the rule of law, market forces, and long-term operational considerations,” Williams added.