President Donald Trump of the United States held discussions with oil industry leaders with the aim of securing investments totaling $100 billion to access Venezuela’s oil reserves, coinciding with the US military’s seizure of an oil vessel in the Caribbean Sea.
Trump, after declaring earlier in the week that Venezuela would provide millions of barrels of oil, convened a meeting at the White House on January 9 with executives from major oil companies.
Although the executives expressed interest in the opportunity, they voiced concerns due to previous asset seizures in Venezuela, as reported by the Associated Press.
One notable attendee was ExxonMobil’s CEO, Darren Woods, representing the largest US oil company, who mentioned that the current investment climate in Venezuela posed challenges.
ExxonMobil intends to dispatch a team to evaluate the situation despite previous asset seizures in Venezuela. Other participants included Chevron, ConocoPhillips, Halliburton, Valero, Marathon, and Shell.
Trump assured the executives of their safety amidst Venezuela’s turbulent environment and history of asset seizures, emphasizing a direct relationship with the US instead of Venezuela.
Recent events saw the capture of Venezuelan President Nicolas Maduro and his wife by US forces, with Maduro facing charges of drug and terrorism activities in the US.
In a bid to encourage investment, Trump stressed that US oil companies would invest $100 billion independently, supported by government protection rather than funding.
The security pledge would involve collaboration with Venezuelan entities, avoiding direct US military intervention, according to reports.
The US military’s seizure of an oil tanker in the Caribbean Sea marked the fifth incident in recent weeks, part of efforts to curb illicit oil trade globally.
Venezuela’s oil production has dwindled below one million barrels per day, with expectations for a gradual increase to three million barrels daily over the next eight to 12 years.
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