US oil companies demand guarantees from the White House before investing in Venezuela
Leading US oil companies insist on clear and long-term guarantees from Washington before agreeing to large-scale investments in Venezuela's oil industry. This is reported by the Financial Times, citing informed sources.
According to the publication, on 7 January in Miami, US officials held talks with the heads of major energy companies. The meeting took place against the backdrop of President Donald Trump's actions to establish control over the Venezuelan oil sector, including the order to seize a Russian tanker in the North Atlantic.
In addition, on 9 January, Trump invited the heads of several major oil corporations to a meeting at the White House. The companies are expected to demand serious legal and financial assurances from the administration before deciding to invest in Venezuela.
Trump has previously said that if US companies invest, they will be compensated «directly from the US government or through revenues», however, according to FT sources, businesses remain cautious. One of the energy sector investors noted that harsh political statements could change US foreign policy at any time, which creates high risks for investors.
The talks in Miami took place shortly after Trump's announcement that Venezuela would transfer millions of barrels of oil to US-chartered ships to transport crude to US refineries. The White House also announced its intention to control Venezuelan oil in perpetuity.
Experts note that after the US strikes on Iran and Nigeria, Venezuela has become the third oil producer among OPEC countries to suffer military intervention from Washington over the past year. According to Bill Farren-Price, an analyst at the Oxford Institute for Energy Studies, such actions could significantly change global energy trade in line with US interests.
At the same time, the Trump administration's plan to revive Venezuela's oil industry is causing scepticism among American leaders due to a combination of political and legal risks, as well as low global oil prices.
On 7 January, US Energy Secretary Chris Wright met with representatives of Chevron and ConocoPhillips, conveying the president's position on the need for multibillion-dollar investments in the Venezuelan energy sector. The US has also made it clear that it is ready to gradually ease sanctions and allow US service companies to operate in the country.
At the same time, Wright admitted that in the near future, American oil giants are not ready to invest billions of dollars in the creation of new infrastructure in Venezuela. Industry representatives emphasise that the US government must provide reliable guarantees for large investors to return, and that real investment and production growth will take considerable time.
Earlier, Donald Trump said that within 18 months the US oil industry would start operating in Venezuela, and also announced plans to transfer 30 to 50 million barrels of sanctioned Venezuelan oil to the US for sale at market prices.
