All posts tagged: Executives

Trump meets oil executives for Venezuela plans | US | News

Trump meets oil executives for Venezuela plans | US | News

United States President Donald Trump met with US oil executives to try and secure $100 billion in investments to access Venezuela’s petroleum reserves after US forces seized the fifth oil tanker in a month. The executives said they were interested in the opportunity but had concerns given previous asset seizures in Venezuela, the Associated Press reported. CEO of ExxonMobil Darren Woods was among the executives at the White House on Friday, Janauary 9. Woods said the South American country is “un-investable” if one considers the “commercial constructs and frameworks in place today in Venezuela”. His company’s assets have previously been seized twice in the country. He said ExxonMobil, the largest US oil company, would send a team to assess the situation. Representatives from Chevron, which still operates in Venezuela, ConocoPhillips, Halliburton, Valero, Marathon and Shell were also at the meeting. Trump told executives they have “total safety”, even though Venezuela has a history of state asset seizures, ongoing US sanctions and political turmoil. Trump told the executives on Friday that they would be dealing directly …

Chris Wright Takes Venezuela Pitch To Oil Executives In Miami

Chris Wright Takes Venezuela Pitch To Oil Executives In Miami

The Trump administration is accelerating efforts to draw US oil companies into Venezuela, with Energy Secretary Chris Wright expected to hold discussions with industry leaders this week as Washington maps out plans to revive the country’s collapsed energy sector, according to Bloomberg. Wright will be in Miami for the Goldman Sachs Energy, Clean Tech & Utilities Conference, a major industry gathering that will bring together executives from Chevron, ConocoPhillips and other producers. Chevron remains the only global oil supermajor maintaining operations inside Venezuela . President Donald Trump is betting that American energy firms will ultimately anchor Venezuela’s recovery, but companies are signaling they won’t rush in without firm political and legal assurances. Years of corruption and neglect have severely damaged production, leaving infrastructure in need of massive long-term reinvestment. Bloomberg writes that despite Venezuela holding the world’s largest proven crude reserves, experts estimate restoring its oil system would require approximately $10 billion in investment every year for the next decade. Industry participants say interest in the country is real, but the recent removal of President …