President Trump met with top oil executives at the White House Friday, seeking to interest those companies in investing in Venezuela's massive oil reserves.
The president spoke for more than an hour and a half, hearing from executives about their intentions for Venezuela and the barriers that still remain for long-term investments in the region.
The president noted the interim government of Venezuela has given the U.S. the ability to refine and sell up to 50 million barrels worth of crude oil. U.S. oversight of that process would continue indefinitely.
The president also suggested that the U.S. will provide some form of security guarantees to those U.S.-based businesses who choose to invest in the region try to redevelop some of the energy infrastructure there, but that will not include U.S. military boots on the ground.
"We're going to work with the Venezuelan leaders and people and we're gonna have a very safe group, and they're going to also bring over some security with them," President Trump said. "You know, these are not babies. These are people that drill oil in some pretty rough places. In addition to that, we will have very good security for them. We're going to make sure there's very, very good security. And I think the people of Venezuela are going to give you very good security."
Further details of any agreements between U.S. oil interests and Venezuelan officials remain unclear.
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Oil executives thanked President Trump Friday for reopening the region to investment and development, but some reiterated that the process of investing in Venezuela would need to be made safe and legal. Under current finance and regulatory requirements, foreign corporations that try to do business and oil extraction in Venezuela have to enter into a partnership with the Venezuelan government.
"We look at the legal and commercial constructs and frameworks in place today in Venezuela. Today it's uninvestable. And so significant changes have to be made to those commercial frameworks, the legal system," said ExxonMobil CEO Darren Woods. "There has to be durable investment protections and there has to be change to the hydrocarbon laws in the country. We're confident that with this administration and President Trump working hand-in-hand with the Venezuelan government, that those changes can be put in place."
