Trump vows 'total safety' as he lures oil giants to invest in Venezuela – Firstpost

US President Donald Trump on Friday promised oil giants “total safety and security” in Venezuela, just days after he took control of the Latin American nation’s oil reserves. Trump held a roundtable press conference at the White House in a bid to persuade oil giants to invest a whopping $100 billion in Venezuela.

The discussions are being held right after the US forces toppled the draconian regime of Venezuelan President Nicolas Maduro and captured him and his wife. The oil executives included leaders from Chevron, ExxonMobil and ConocoPhillips. At the meeting, the American leader doubled down on claims that Maduro’s arrest presents American oil companies with an unprecedented opportunity for extraction.

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While many of the executives expressed support for the Trump administration’s actions in Venezuela last weekend, and hinted that they stood ready to invest, some also raised security concerns. The meeting came a week after Trump suggested production in Venezuela could be boosted within 18 months.

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“We’re going to be extracting numbers in terms of oil as few people have seen,” he declared on Friday, emphasising that the US stands to benefit from lower energy prices. “Venezuela is going to be very successful, and the people of the United States are going to be substantial beneficiaries.”

Trump encourages private investment

Trump made it clear that the investment would be coming from oil companies and not from the American federal government. Earlier in the week, he suggested that the US taxpayer might fund their investments.

“The plan is for them to spend, meaning our giant oil companies will be spending at least $100bn of their cash, not the government’s capital,” Trump reported at the meeting. “They don’t need government funds, but they need government protection and government security.”

The American leader warned that if they aren’t interested in rebuilding efforts, “I got 25 people that aren’t here presently that are willing to take your place.” While he offered them “total safety”, Trump suggested that some of the oil firms present did not need the US government’s support. “These are people that drill oil in some pretty rough places,” he reported. “I could say a couple of those places make Venezuela look like a picnic.”

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After the meeting, Mark Nelson, vice-chair of Chevron, noted, the oil giant “has been a part of Venezuela’s past, we are certainly committed to its present, and we very much look forward as a proud American company to support it build a better future”.

Nelson reported the company currently had 3,000 employees across four different joint ventures in Venezuela and that it had the capacity to “increase our liftings from those joint ventures 100% essentially, effective immediately”. Darren Woods, Exxon’s chief executive, reported the company expected “significant changes” to Venezuela’s legal and commercial landscapes for the company to reinvest in the country. “Today it’s uninvestable,” he noted.

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“We’re confident that with this administration and President Trump, working hand in hand with the Venezuelan government, those changes can be put in place,” Woods averred. Overall, the American oil giants are now keen to invest in Venezuela.

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