U.S. Energy Secretary to Meet with Oil Executives to Discuss Venezuela's Energy "Revival"
According to a person familiar with the matter, U.S. Energy Secretary Wright plans to meet with oil industry executives this week to discuss how to revive Venezuela’s energy sector following the “detention” of Venezuelan President Maduro.This week, Wright will attend the “Goldman Sachs” in Miami, where executives from Chevron (CVX.N), ConocoPhillips (COP.N), and other companies will also be present. Chevron is currently the only major oil company still operating in Venezuela.U.S. President Donald Trump has previously vowed to “revive” Venezuela’s oil industry, which has suffered from years of underinvestment and mismanagement, leading to a sharp decline in oil production despite the country possessing the world’s largest proven crude oil reserves. Donald Trump estimates that this process will require billions of dollars in funding, but it remains unclear whether foreign companies will be willing to take on such a task and the risks involved.
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