Nearly 20 oil executives, including veteran wildcatter Harold Hamm, are slated to meet President Donald Trump and top officials at the White House Friday as the administration pushes them to rebuild Venezuela\u2019s battered energy sector.<\/p>\n
The scheduled lineup is a Who\u2019s Who of American oil titans, with representatives from Chevron Corp, Exxon Mobil Corp, ConocoPhillips and other companies responding to Trump\u2019s call to discuss potentially reviving Venezuela\u2019s production, which has plummeted amid years of disrepair, fading investment and the exodus of foreign companies.<\/p>\n
The executives attending were described by people familiar with the matter who asked not to be named because the discussions are private. Representatives of oil traders Vitol Group and Trafigura Group plan to attend the meeting, along with Spain\u2019s Repsol SA, which owns a stake in a large Venezuelan oil field, refiners, and at least one oilfield service firm, the people said. India\u2019s Reliance has been invited, according to some of the people.<\/p>\n
While Venezuela boasts the world\u2019s largest oil reserves, many of its pipelines and other infrastructure are so badly damaged after years of neglect that fixing it all is apt to take years, prompting companies to approach the White House\u2019s call to rebuild with caution. One analyst estimated the effort could cost up to $100 billion over the next decade, putting the timeline well beyond the end of Trump\u2019s term.<\/p>\n
\u201cWe\u2019re going to meet with the biggest oil people in the world,\u201d Trump said Thursday in a Fox News interview. \u201cThey\u2019re going to rebuild the whole oil infrastructure. They\u2019re going to spend at least $100 billion.\u201d<\/p>\n
In the short term, however, the administration\u2019s plans to start selling Venezuelan crude that\u2019s stuck in storage behind the US naval blockade is already impacting markets.<\/p>\n
Vitol, which recently received a license from the US Treasury to sell Venezuelan oil, is already in talks with refiners to gauge their interest, according to a person with knowledge of the matter.<\/p>\n
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Trump has enjoyed strong support from the oil industry, which helped bankroll his reelection campaign. Some oil executives expected to join Friday\u2019s meeting were part of a closed-door energy roundtable at Trump\u2019s Mar-a-Lago club in Florida in April 2024, when the then-presidential candidate scoffed at wind power, said he\u2019d undo some environmental regulations and asked the group to raise $1 billion, according to people familiar with the exchange.<\/p>\n
While energy executives are keen to express support for Trump\u2019s goal of rebuilding Venezuela\u2019s oil sector and its economy while benefitting the American people, they\u2019re wary of heavily investing without guarantees of physical and financial security amid concerns about the stability of the country in the wake of former President Nicol\u00e1s Maduro\u2019s apprehension by US troops.<\/p>\n
Exxon and ConocoPhillips previously operated there but left after their assets were nationalized by Maduro\u2019s predecessor, Hugo Ch\u00e1vez, in the mid-2000s.<\/p>\n
Friday\u2019s meeting, which will include Energy Secretary Chris Wright and Interior Secretary Doug Burgum, will focus on the magnitude of what\u2019s needed in Venezuela as well as what assurances oil companies want in order to feel comfortable operating in the country, the people said.<\/p>\n
In the meantime, Wright said his phone is \u201cblowing up\u201d with interest from oil companies about Venezuela and has been talking to executives from Exxon, Chevron and ConocoPhillips since Maduro was apprehended.<\/p>\n
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\u201cYou are going to see Exxon and Conoco and dozens of other American firms looking to see how they can be involved,\u201d Wright said Thursday on Fox Business.<\/p>\n
Hamm, the co-founder of Continental Resources Inc., has been a top energy confidante for Trump, particularly during the president\u2019s first term in office. Hamm\u2019s also been one of Trump\u2019s major oil industry donors, contributing both to his political operations and, recently, to the president\u2019s ongoing construction of a White House ballroom.<\/p>\n
International shale operator Bryan Sheffeld, another Trump supporter, said he plans to attend Friday\u2019s meeting.<\/p>\n
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Wright on Wednesday disclosed plans for Washington to indefinitely control future sales of Venezuelan oil and hold the proceeds in US accounts. Trump said Venezuela would relinquish as much as 50 million barrels of its oil for the US to sell, valued at about $2.8 billion at current market prices.<\/p>\n
Proceeds from the crude sales would benefit the US and the Venezuelan people, Trump said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
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