BY Ayomide Otitoju
U.S. oil companies are seeking strong legal and financial guarantees from the Biden administration before committing major investments in Venezuela, even as President Donald Trump pushes them to support his plan to reshape global energy markets and help revive Venezuela’s oil industry, the Financial Times reported.
The talks underline a growing divide between Washington’s strategic objectives and the practical concerns of energy executives, according to people familiar with the matter. U.S. officials held discussions with top oil leaders in Miami this week, ahead of a planned White House meeting on Friday with executives from Chevron, ExxonMobil and ConocoPhillips to discuss ways to boost Venezuelan oil production.
Industry leaders are expected to press for serious guarantees, including clear legal protections and financial assurances, before agreeing to deploy capital in Venezuela’s long-neglected energy sector. The companies’ caution stems from past experiences of expropriation and regulatory instability in the South American nation, as well as the significant cost and risk of reviving its damaged oil infrastructure.
The planned investments are tied to broader negotiations between Washington and Caracas to supply up to 50 million barrels of Venezuelan crude to the United States, part of Trump’s broader push to exploit Venezuela’s vast reserves and reduce U.S. dependence on other foreign energy sources.
Chevron, ExxonMobil and ConocoPhillips did not immediately respond to requests for comment. Reuters, which reported aspects of the developments, said it could not independently verify the Financial Times report.
