"President Donald Trump is set to meet with Big Oil executives Friday as part of a weeklong charm offensive to persuade America's largest energy companies to return to Venezuela. The oil industry has expressed serious skepticism about ponying up tens of billions of dollars over a decade to restore Venezuela's oil infrastructure. That's why top oil executives at that White House meeting plan to avoid making any firm investment pledges, arguing Venezuela is now too volatile to justify rushing back in, people familiar with the behind-the-scenes coordination said."
"And so far, the people said, Trump and his top aides have yet to offer a convincing strategy for rebuilding Venezuela's energy infrastructure and ensuring its long-term stability. "They're making this up as they go along," said one of the people involved in the industry's preparations for the White House meeting. But oil companies would be willing to reconsider under the right conditions: There's serious money to be made from the country's massive oil reserves. SEE ALSO: What impact could Venezuelan oil have on Houston and its economy? Rule of law Venezuela's military has taken an active role in state-run oil company Petroleos de Venezuela, SA, better known as PDVSA. The country's energy infrastructure has been subject to rampant theft. Oil executives have previously noted to Trump officials that the country has a history of hostage-taking, and local residents may not take kindly to foreign companies extracting their natural resources. "There are gonna be parameters that have to be put in place before there's a significant investment in Venezuela," said Mike Summers, CEO of the oil industry lobby, American Petroleum Institute, on Fox News Thursday. "One, we have to establish the rule of law." In meetings with Trump officials, oil executives have pressed for details on how the White House plans to ensure employees and equipment sent into remote areas of Venezuela stay safe."
President Donald Trump will meet with major oil executives to encourage U.S. energy companies to return to Venezuela's oil sector. Oil industry leaders express deep skepticism about investing tens of billions over a decade to restore degraded infrastructure. Executives plan to avoid making firm investment commitments because Venezuela is considered too volatile and U.S. plans for reconstruction and long-term stability remain unconvincing. Venezuelan military involvement in PDVSA, widespread theft, and past incidents like hostage-taking raise security and legal concerns for personnel and assets. Industry leaders demand rule of law, explicit security measures, and clear investment parameters before significant capital returns.
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