President Donald Trump announced at the start of a White House meeting that American companies would have the opportunity to rebuild Venezuela's deteriorating energy infrastructure and boost oil production to unprecedented levels. He had previously declared oil a strategic priority for the South American nation, following operations in Venezuela and the arrest of President Nicolas Maduro last week.

The 9/1 meeting included leaders from Exxon Mobil, ConocoPhillips, Chevron, and other oil companies. "We will decide which oil companies are allowed to invest here," Trump stated, expressing his desire for companies to invest $100 billion to expand operations in Venezuela.

US President Donald Trump during the 9/1 meeting with oil companies. *Photo: Reuters*

Trump also lauded an agreement with Venezuela's interim government for the delivery of 50 million barrels of crude oil to the United States. Washington possesses several refineries equipped to process this type of oil, and these deliveries are expected to continue indefinitely.

"One of the benefits the United States will gain from this is even lower energy prices," Trump stated.

The United States is also continuing to seize Venezuelan oil tankers at sea to enforce its embargo. The fifth such seizure was announced on 9/1. US officials indicated that long-term control over Venezuela's oil sales and revenue is necessary to ensure the nation acts in line with US interests.

Companies like Chevron, Vitol, and Trafigura are competing for US licenses to sell Venezuela's existing crude oil reserves. However, other major oil and gas corporations remain cautious about large-scale long-term investment due to high costs and ongoing political instability.

During the meeting, Exxon CEO Darren Woods stated that the company considers Venezuela "uninvestable" and would only return if significant changes occur. "We've had our assets seized two times. To re-enter for a third time, we need to see substantial changes first," he explained. Despite this, Woods expressed confidence that "the Trump administration and the Venezuelan government will achieve this."

Exxon and Conoco left Venezuela two years ago after their assets were nationalized. Chevron is currently the only major US oil company still operating in the country. Chevron Vice President Mark Nelson affirmed the company's commitment to continued investment in Venezuela.

Several small private oil companies were also invited to the meeting. Many praised Trump's policy toward Venezuela, indicating their readiness to invest and sell oil there.

Decades of inadequate investment have diminished Venezuela's oil production, despite the nation holding the world's largest oil reserves. Once extracting 3,5 million barrels of oil per day in the 1970s, Venezuela now produces only about 1 million barrels, accounting for 1% of global supply.

During the meeting, Trump stated that the US would ensure financial and physical security for oil and gas companies investing in Venezuela, though he did not provide specific details. Earlier, US Energy Secretary Chris Wright had told Fox News that the nation "could" utilize the Export-Import Bank to provide financial support for large oil and gas projects in Venezuela, thereby reducing risks for investing businesses.

Ha Thu (*according to Reuters*)