"At a roundtable press conference at the White House with more than a dozen oil executives, including leaders from Chevron, ExxonMobil and ConocoPhillips, the US president doubled down on claims that Nicolas Maduro's arrest presents American oil companies with an unprecedented opportunity for extraction. In brief remarks, oil executives for many, the first public statements since Maduro's capture expressed willingness to rebuild Venezuela's oil infrastructure with the US government's reassurances."
"History from the past two decades has shown that foreign intervention can have an impact on a country's oil output, but with mixed and unstable results. While Venezuela's oil industry experienced a boom in the late 90s and early 2000s, the then Venezuelan president, Hugo Chavez, reasserted state control over the industry in the mid-2000s. In the years since, oil production in the country has fallen drastically as its infrastructure has aged and investment dried up."
The United States declared Venezuela open for business, planning extraction of oil resources for U.S. benefit, oil companies, and limited payments to Venezuelans. More than a dozen oil executives, including leaders from Chevron, ExxonMobil, and ConocoPhillips, attended a White House roundtable and were told Nicolas Maduro's arrest creates an unprecedented opportunity for American firms. Oil executives expressed willingness to rebuild Venezuela's oil infrastructure with U.S. government reassurances. Venezuela reportedly holds the world's largest oil reserves. Two decades of history show foreign intervention affected Venezuelan oil output with mixed results; state control under Hugo Chavez and subsequent underinvestment led to drastic production declines as infrastructure aged.
Read at www.theguardian.com
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