President of the United States, Donald Trump, held discussions with oil industry leaders to secure investments totaling $100 billion for accessing Venezuela’s oil reserves, coinciding with the US military seizing control of an oil tanker in the Caribbean Sea.
Trump, who previously stated that Venezuela would provide millions of barrels of oil to the US, convened with top oil company executives at the White House on January 9.
During the meeting, the executives expressed interest in the opportunity but voiced concerns due to previous asset seizures in Venezuela, as reported by the Associated Press.
Among the attendees was ExxonMobil’s CEO, Darren Woods, representing the largest US oil company, who mentioned the current investment climate in Venezuela as challenging for business.
Woods stated that ExxonMobil would dispatch a team to evaluate the situation, emphasizing the need for caution given their past experiences of asset seizures in Venezuela.
The meeting also included representatives from Chevron, ConocoPhillips, Halliburton, Valero, Marathon, and Shell, alongside other major players in the oil industry.
Despite concerns over Venezuela’s history of asset seizures and political instability, Trump assured the executives of their safety, emphasizing that they would not be dealing directly with Venezuela but with the US government.
Last week, Venezuelan President Nicolas Maduro and his wife were apprehended by US forces, following accusations of dictatorship and criminal activities in US courts in 2020.
During the meeting, Trump assured the oil executives that the US government would provide protection for their investments without the need for direct military intervention, as reported by the Associated Press.
Trump emphasized the professionalism and resilience of the oil industry executives, highlighting the challenging working conditions they face compared to Venezuela.
Simultaneously, US forces seized another oil tanker in the Caribbean Sea, marking the fifth seizure in recent weeks as part of the US crackdown on illicit oil trade linked to Venezuela.
Secretary of Homeland Security, Kristi Noem, confirmed the seizure of a suspected embargoed oil tanker that attempted to evade US forces after departing Venezuela, emphasizing the ongoing efforts to curb illegal oil activities.
Amidst these developments, Venezuela’s oil production has significantly declined, prompting discussions on the potential timeline for production recovery, estimated between eight to 12 years to reach three million barrels per day, according to Energy Secretary Chris Wright.
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