President Donald Trump’s Cabinet officials are scheduling their first formal calls with oil company CEOs to press them to revive Venezuela’s flagging oil production, four people familiar with the conversations told POLITICO.
Calls that Energy Secretary Chris Wright and Interior Secretary Doug Burgum are planning with chief executives represent some of the first official outreach that the administration has made to the U.S. companies after months of informal discussions with people in the sector, these people said — days after President Donald Trump told reporters that “our very large United States oil companies” will “spend billions of dollars” in Venezuela.
However, the companies’ executives remain wary of entering a socialist-ruled country that was plunged into political upheaval after U.S. forces took strongman Nicolás Maduro into custody over the weekend, following decades of neglect in its nationalized oil fields, according to market analysts and industry officials.
Industry officials are also discussing what types of incentives would be needed to get them to return to the country, according to two industry officials familiar with the plans who were granted anonymity because they were not authorized to talk to the media. Those could include having the U.S. government signing contracts guaranteeing payment and security or forming public-private joint ventures.
