[Stay on top of transportation news: .]
Energy Secretary Says Oil Companies Consider Venezuela Roles
Chris Wright Cites Talks With Exxon, Conoco
ConocoPhillips, Exxon Mobil Corp. and other U.S. oil companies are examining what role they can play in helping revitalize Venezuela鈥檚 energy industry, Energy Secretary Chris Wright said following talks with executives.听
鈥淢aybe we鈥檒l get to a framework where they鈥檒l go in in a large way again, but in the meantime, they鈥檙e not going to sit on their hands,鈥 Wright said Jan. 8 on Fox Business Network. He added that Chevron Corp., the only US oil major still operating in the country, is expected to ramp up its operations in Venezuela quickly.听
A spokesperson for Exxon didn鈥檛 immediately respond to a request for comment, while a representative for ConocoPhillips wasn鈥檛 immediately able to comment.
Wright鈥檚 remarks come in the wake of discussions with oil companies about returning to the country after the U.S. capture of Venezuelan President Nicol谩s Maduro in an effort to revive production after years of corruption and underinvestment. A broader听meeting听between President Donald Trump and oil executives at the White House is slated to take place Jan. 9.听
Oil companies are wary of spending tens of billions of dollars into the country over the next decade and are looking for guarantees of physical and financial security amid concerns about the stability of a post-Maduro government. Exxon and ConocoPhillips previously operated inside Venezuela, but left after their assets were nationalized by Maduro鈥檚 predecessor, Hugo Ch谩vez, in the mid-2000s.
Wright said he has been talking to executives from Exxon, Chevron and ConocoPhillips since Maduro was apprehended and that his phone is 鈥渂lowing up鈥 with interest from oil companies about Venezuela.
鈥淵ou are going to see Exxon and Conoco and dozens of other American firms looking to see how they can be involved,鈥 Wright said.
