US oil firms weigh Venezuela opportunity ahead of White House summit

U.S. oil executives are due at a White House meeting to discuss possible investment in Venezuela, a move President Trump has promoted and Secretary of Energy Chris Wright reiterated. Some energy investors told Reuters they remain skeptical because of high costs, political instability and past nationalizations, the article reports.

U.S. oil executives have been invited to a White House meeting on Friday to discuss potential investment in Venezuela, the article reports. President Trump has promoted large-scale rebuilding of Venezuela's oil sector and Secretary of Energy Chris Wright repeated claims that U.S. firms could spend billions. Some company executives signaled they will not make hasty decisions. Several energy investors expressed doubts about cost, political stability and trust in the interim government, the article says. Key points: - The article says U.S. oil executives were invited to a White House meeting on Friday to discuss possible investment plans in Venezuela. - The article reports Secretary of Energy Chris Wright repeated President Trump's claim that U.S. oil firms were prepared to spend billions to rebuild Venezuela's oil economy. - Some energy investors told Reuters they were skeptical about the costs, political stability and the interim government led by Delcy Rodriguez, the article says. - The article says planned attendees include Secretary of State Marco Rubio, Interior Secretary Doug Burgum, Wright, and executives from about 17 major firms, including ConocoPhillips, Exxon, Chevron, Spain's Repsol, and trading firms Vitol and Trafigura. - The article notes Chevron already operates in Venezuela, while Exxon and Conoco departed roughly two decades ago after nationalizations and are reported to still be owed billions. Summary: The article highlights a tension between Venezuela's large crude reserves and significant above-ground risks, including past nationalizations and unpaid claims. Company executives reportedly signaled caution and said they would not make rash decisions. The White House meeting on Friday is expected to press for investment and to discuss ways to boost Venezuelan crude production, according to the article. Undetermined at this time.