US Energy Secretary to discuss Venezuela oil revival with industry execs

Investing.com -- US Energy Secretary Chris Wright plans to meet with oil industry executives this week to discuss revitalizing Venezuela’s energy sector following President Nicolás Maduro’s capture, according to a Bloomberg report Monday.

Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami where executives from Chevron and ConocoPhillips, among others, are scheduled to participate. Chevron currently stands as the only oil supermajor maintaining operations in the South American nation.

US President Donald Trump has pledged to rebuild Venezuela’s oil industry, which has suffered from years of underinvestment and neglect, causing production declines in the country that possesses the world’s largest crude reserves. Trump has indicated the revival effort could require billions of dollars, though it remains uncertain how willing foreign companies will be to undertake such a challenging investment.

Secretary of State Marco Rubio told CBS that companies would need "certain guarantees and conditions" before investing in Venezuela.

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