Energy Secretary to Meet With Oil Executives on Venezuela
Chris Wright to Attend Miami Conference With Chevron, Conoco Representatives
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U.S. Energy Secretary Chris Wright plans to talk this week with oil industry executives about reviving Venezuela’s energy sector following the capture of President Nicolás Maduro, according to a person familiar with the matter.
Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami this week that executives from Chevron Corp., ConocoPhillips and other companies are scheduled to attend.
Chevron is the only oil supermajor still operating in the South American nation.
President Donald Trump has vowed to resuscitate Venezuela’s oil sector after years of underinvestment and neglect tanked production in a country that sits atop the world’s largest trove of crude.
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Trump has estimated the rebirth will take billions of dollars, but it’s unclear how keen foreign companies will be to take on such a task and its inherent risks.
Secretary of State Marco Rubio told CBS that companies would need“certain guarantees and conditions”to invest in the country.
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