US oil firms weigh Venezuela opportunity amid investor concern ahead of White House summit

U.S. oil executives are meeting at the White House to discuss potential investments in Venezuela, while some investors expressed caution over political stability, unpaid claims and the condition of the country's oil infrastructure.

U.S. oil executives have been summoned to the White House for a Friday meeting to discuss possible investments in Venezuela. Administration officials have promoted the idea that firms could spend billions to rebuild the country's oil sector after the reported removal of Nicolás Maduro. Company representatives at a recent conference said they do not plan to make rushed decisions. Some investors remain cautious because of political uncertainty, old unpaid claims and dilapidated infrastructure. Key details: - The meeting is due to include Secretary of Energy Chris Wright, Secretary of State Marco Rubio, Interior Secretary Doug Burgum and representatives from about 17 major firms, with companies such as ConocoPhillips, Exxon, Chevron, Spain's Repsol, Vitol and Trafigura mentioned by sources. - White House officials, including spokeswoman Taylor Rogers, framed potential investments as benefiting U.S. and Venezuelan interests, according to the article. - Investors cited concerns about long-term stability, fiscal terms and the risk of asset nationalization; David Byrns of American Century Investments emphasized the need for protections against past practices. - Chevron currently operates in Venezuela, while Exxon and Conoco left nearly 20 years ago after assets were nationalized and are still reported to be owed billions of dollars. - Service companies and industry attendees signaled caution about timing and partner arrangements, and foreign embassies are arranging visits that will include oil company representatives next week. Summary: The article outlines a tension between administration encouragement for rapid investment and investor caution about above-ground risks and unpaid claims. The immediate next step is the White House meeting on Friday, followed by embassy-arranged visits next week.