Chris Wright spoke about US plans for Venezuela and the oil deposits located there during the Goldman Sachs Energy, CleanTech and Utilities conference in Florida. Major investments in the oil industry are being considered, which – according to the Secretary of Energy – will make it possible to increase oil production in Venezuela by “several hundred thousand barrels a day” in a relatively short period of time.
– We will enable the import of parts, equipment and services to prevent the collapse of the industry, stabilize production and then ensure its growth again as soon as possible – he said at the conference, quoted by NBC News.
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The US will control the flow of oil from Venezuela
Venezuela's oil industry and economy are currently subject to tough US sanctions, which were recently expanded to include a full block on oil exports. However, when announcing cooperation between the US and Venezuela, Chris Wright did not directly mention the lifting of these restrictions. He emphasized, however, that the United States wants to create conditions for the return of American companies that once operated in Venezuela. This includes: about the oil giants Exxon Mobil and ConocoPhillips, which withdrew from the country after 2007. The only American company that remained there – and is not subject to US sanctions – is Chevron. So far, since the US attack on Venezuela, all three companies have been consistently silent about the Venezuelan oil industry. According to NBC News, they are scheduled to meet with Donald Trump and Chris Wright on this matter on Friday.
See also: Venezuelan oil flows despite sanctions. Tankers take off their flags and disappear from radar
Wright said the market will really decide whether Venezuela is a good place to invest. — Either we introduce changes in Venezuela and capital will flow, or we will fail and it will not flow, he concluded, adding that if the plans are successful, a “rich, prosperous and peaceful energy power” will be created.
President Trump announced on Tuesday that as part of the agreement with the “interim authorities of Venezuela”, the United States will receive 30-50 million barrels of Venezuelan oil and sell it at market price. This will be only the first tranche in a process that is to be continued indefinitely, said Chris Wright on Wednesday, quoted by PAP. The US will control the flow of oil to and from Venezuela and sell Venezuelan oil on the world market.
As CNBC reported, citing sources close to the White House, the process of transporting and selling Venezuelan oil will continue, while sanctions on Venezuela will be gradually lifted.
