Top U.S. energy officials are set to sit down with oil industry leaders this week to begin mapping out how Venezuela’s battered energy sector could be revived following the capture of President Nicolás Maduro, Bloomberg writes.
Energy Secretary Chris Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami, where executives from Chevron, ConocoPhillips and other major producers are expected, according to people familiar with the plans. Chevron is currently the only oil supermajor still operating in Venezuela, highlighting how far the country’s once-dominant oil industry has deteriorated after years of mismanagement and underinvestment.
The discussions come as President Trump has vowed to resuscitate Venezuela’s oil sector, a task he has said will require billions of dollars in new investment. But it remains unclear how eager foreign companies will be to commit capital given political instability and past sanctions.
Secretary of State Marco Rubio has said companies will need firm guarantees and conditions before returning, signaling that negotiations around protections and incentives are just beginning.
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