US president says oil majors primed to invest in rebuilding infrastructure following Maduro ouster

Trump says oil majors primed to invest in rebuilding infrastructure following Maduro ouster

US oil giants have so far remained silent on Donald Trump’s claim that they are primed to spend “billions and billions of dollars” rebuilding the Venezuelan oil industry following the ouster of Nicolás Maduro​.

Chevron, the only US oil company still operating in Venezuela, committed only to following “relevant laws and regulations” after the Trump suggested American energy multinationals would be central to his plans for the country.

Venezuela’s vast oil reserves – reputedly the world’s largest – will be modernized and exploited, Trump claimed in interviews and a press conference at his Mar-a-Lago estate. US oil firms will invest heavily to reconstruct “rotted” infrastructure, ramp up production and sell “large amounts … to other countries”, he told reporters, adding: “We’re in the oil business.”

  • theneverfox@pawb.socialEnglish
    1·
    3 days ago

    From your source

    Despite Trump’s remarks, oil industry experts have said it’s not nearly so clear-cut that oil majors in the US will want to re-enter the Venezuela oil market—or be tasked with funding a significant rebuild of the nation’s oil infrastructure—given the political uncertainty unleashed by Trump’s unlawful military operation and the kidnapping of Venezuela President Nicolas Maduro.

    “The issue is not just that the infrastructure is in bad shape, but it’s mostly about how do you get foreign companies to start pouring money in before they have a clear perspective on the political stability, the contract situation, and the like,” Francisco Monaldi, director of the Latin American energy program at Rice University, told NPR.

    Yes, he tipped off oil companies first… That doesn’t mean they were interested. This was Trump (aka Rubio’s Trump-friendly pitch) idea. That doesn’t mean they have any interest… We have so much already tapped oil wells that we’re not pumping because prices are so low

    I’m sure in Trump’s head, were about to get all sorts of oil. In reality, it just doesn’t math out