Meetings with oil companies on Venezuela - Trump administration ready to rebuild the Latin country's energy infrastructure
President Donald Trump's administration is planning to meet with executives from U.S. oil companies later this week to discuss increasing Venezuelan oil production after U.S. forces ousted its leader Nicolas Maduro.
The meetings are crucial to the administration's hopes of bringing major US oil companies back to the South American country after its government, nearly two decades ago, took control of US-led energy operations there.
The three largest US oil companies, Exxon Mobil, ConocoPhillips and Chevron, have so far not had any conversations with the administration regarding the overthrow of Maduro.
The upcoming meetings will be crucial to the administration's hopes to boost crude oil production and exports from Venezuela, a former OPEC country that holds the world's largest reserves and whose output can be processed by specially designed refineries in the U.S. Achieving that goal will require years of work and billions of dollars in investment, analysts say.
It is not clear which leaders will attend the upcoming meetings and whether the oil companies will participate individually or collectively. The White House did not comment on the meetings, but said it believed the U.S. oil industry was ready to move to Venezuela.
"All of our oil companies are ready and willing to make major investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime," the White House spokesman said.
Previously, Trump had stated that the US could subsidize oil companies to enable them to rebuild Venezuela's energy infrastructure.
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