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What is the story about?
On Friday, President Donald Trump and high-ranking officials will meet with nearly 20 oil businessmen, including seasoned wildcatter Harold Hamm, at the White House as the administration presses them to rebuild Venezuela's devastated petroleum sector.
With representatives from Chevron Corp., Exxon Mobil Corp., ConocoPhillips, and other companies responding to Trump's call to discuss potentially reviving Venezuela's production, which has plummeted amid years of disrepair, fading investment, and the exodus of foreign companies, the lineup is a Who's Who of American oil titans.
People with knowledge of the situation who wished to remain anonymous due to the confidentiality of the discussions described the executives present.
The conference will be attended by representatives of oil dealers Vitol Group and Trafigura Group, as well as refiners, at least one oilfield service company, and Spain's Repsol SA, which has a stake in a sizable Venezuelan oil field, according to the people.
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Despite having the greatest oil reserves in the world, much of Venezuela's pipelines and other infrastructure are so badly damaged from years of neglect that it will likely take years to replace them all. As a result, businesses are cautious when responding to the White House's appeal to rebuild.
According to one analyst, the project may cost up to $100 billion over the course of the following ten years, which would place the schedule well beyond Trump's term.
With representatives from Chevron Corp., Exxon Mobil Corp., ConocoPhillips, and other companies responding to Trump's call to discuss potentially reviving Venezuela's production, which has plummeted amid years of disrepair, fading investment, and the exodus of foreign companies, the lineup is a Who's Who of American oil titans.
People with knowledge of the situation who wished to remain anonymous due to the confidentiality of the discussions described the executives present.
The conference will be attended by representatives of oil dealers Vitol Group and Trafigura Group, as well as refiners, at least one oilfield service company, and Spain's Repsol SA, which has a stake in a sizable Venezuelan oil field, according to the people.
Read Also: US Supreme court likely to rule on Trump tariffs today; What is at stake here?
Despite having the greatest oil reserves in the world, much of Venezuela's pipelines and other infrastructure are so badly damaged from years of neglect that it will likely take years to replace them all. As a result, businesses are cautious when responding to the White House's appeal to rebuild.
According to one analyst, the project may cost up to $100 billion over the course of the following ten years, which would place the schedule well beyond Trump's term.
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