Introduces Energy Secretary Chris Wright's diplomatic visit to Venezuela as the highest-ranking U.S. official since Maduro's capture, highlighting the focus on Chevron oil fields and potential U.S. investment in revitalizing Venezuela's oil industry.
Anmirie Hordern
Chris Wright
Forecasts 30-40% growth in Venezuelan oil production in the first year, with continued growth at a good pace, citing Venezuela's largest proved oil reserves.
Notes Chevron's century-long presence and the competing influence of U.S. adversaries China and Russia due to Venezuela's oil reserves.
Anmirie Hordern
Chris Wright
Identifies the large presence of China, Russia, Iran, Hezbollah, and Hamas as problems in Venezuela that need fixing, aiming to open the country to less corrupt, honest American/Western allies for business.
States the administration plans to issue licenses to allow import of parts/services, referencing past nationalizations of Exxon and ConocoPhillips assets by Hugo Chavez.
Anmirie Hordern
Chris Wright
Acknowledges regret about past nationalizations, confirms active discussions with ConocoPhillips and other affected companies about compensation to entice their return and grow production.
Concludes that the administration hopes this is an opportunity for American companies to recover and return to Venezuela.