The Trump administration plans to meet later this week with US oil company executives to discuss boosting natural gas and oil production in Venezuela following the removal of President Nicolas Maduro, a source familiar with the matter told Reuters.
The talks are central to Washington’s efforts to reintegrate major US producers into Venezuela, where the government seized control of foreign-led energy operations nearly 20 years ago.
Despite the planned meeting, industry sources from ExxonMobil, ConocoPhillips, and Chevron stated they have not yet held discussions with the White House regarding Venezuelan operations, contradicting recent claims from the administration.
“Nobody in those three companies has had conversations with the White House about operating in Venezuela so far,” one industry source said.
Venezuela, a former member of the Organization of Petroleum Exporting Countries (OPEC), holds the world’s largest oil reserves and produces crude grades specifically compatible with specialized US refineries. Analysts noted that restoring significant output and exports will require billions of dollars in investment and several years to achieve.