U.S. oil majors exploring Venezuela opportunities, says Energy Secretary

(Bloomberg) – ConocoPhillips, ExxonMobil and other U.S. oil companies are examining what role they can play in helping revitalize Venezuela’s energy industry, US Energy Secretary Chris Wright said following talks with executives. 

U.S. Energy Secretary Chris Wright. Image: official portrait

“Maybe we’ll get to a framework where they’ll go in in a large way again, but in the meantime, they’re not going to sit on their hands,” Wright said Thursday on Fox Business Network. He added that Chevron Corp., the only U.S. oil major still operating in the country, is expected to ramp up its operations in Venezuela quickly. 

A spokesperson for Exxon didn’t immediately respond to a request for comment, while a representative for ConocoPhillips wasn’t immediately able to comment.

Wright’s remarks come in the wake of discussions with oil companies about returning to the country after the U.S. capture of Venezuelan President Nicolás Maduro in an effort to revive production after years of corruption and underinvestment. A broader meeting between President Donald Trump and oil executives at the White House is slated to take place Friday. 

See also: Chevron shares jump as Trump signals Venezuela oil revival

Oil companies are wary of spending tens of billions of dollars into the country over the next decade and are looking for guarantees of physical and financial security amid concerns about the stability of a post-Maduro government. Exxon and ConocoPhillips previously operated inside Venezuela, but left after their assets were nationalized by Maduro’s predecessor, Hugo Chávez, in the mid-2000s.

Wright said he has been talking to executives from Exxon, Chevron and ConocoPhillips since Maduro was apprehended and that his phone is “blowing up” with interest from oil companies about Venezuela.

“You are going to see Exxon and Conoco and dozens of other American firms looking to see how they can be involved,” Wright said.

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