U.S. Details Expanded Oil Push in Venezuela as Dozen Firms Signal Readiness

Overview

• Energy Secretary Chris Wright said roughly a dozen major oil companies are prepared to operate in Venezuela, with five ready to quickly increase production.
• Wright said U.S. participation in managing the country could last months or years and he suggested Chevron might remain for decades.
• President Donald Trump told oil executives the companies would invest at least $100 billion to rebuild Venezuela’s production capacity and infrastructure.
• The administration expects compensation for U.S. firms and says companies will fund repairs while the United States handles sales of Venezuelan crude.
• The Financial Times reported that companies want serious guarantees before committing, and Venezuela disputes U.S. accounts of January 3 strikes and the reported capture of Nicolás Maduro.