US EditionEnergy secretary says US won’t provide security for oil companies in Venezuela
The U.S. government will not deploy troops or provide security guarantees to oil firms in Venezuela, expecting companies to manage risks amid ongoing industry re-engagement.
- On Thursday, Energy Secretary Chris Wright told Bloomberg Television the U.S. has no plans to offer security guarantees to oil companies in Venezuela and dismissed using troops, saying, "We are not going to get involved in providing on the ground security for people in Venezuela."
- Citing financial leverage, U.S. officials say controlling funds in Venezuela helps reduce criminality and improve business, and Chris Wright plans to visit within weeks to inspect infrastructure and meet Acting President Delcy Rodríguez.
- Market flows show that U.S. Gulf Coast refiners including Valero and Phillips 66 are re-entering the market by buying Venezuelan crude via trader Vitol at roughly $8.50 to $9.50 per barrel below Brent, through discounted trade flows rather than upstream deals.
- Company boards remain reluctant as oil companies warn that without enforceable contracts, clearer fiscal terms, and risk backstops, investment will stay limited, while senior administration officials expect firms to manage their own risks.
- Earlier this month Mike Sommers, President and CEO of the American Petroleum Institute, said policy, security and investment protections are prerequisites, and Chris Wright expects some American oil and gas companies to investigate opportunities.
11 Articles
11 Articles
U.S. Reopens Venezuela’s Oil Spigot, but Refuses to Guarantee Security
U.S. officials told oil executives on Wednesday that Washington will not provide security guarantees for companies operating in Venezuela, even as the Trump administration encourages the industry to re-engage with the country’s oil sector. According to people familiar with the discussions, senior administration officials said companies would be expected to manage their own physical and political risk if they choose to invest, signaling limits t…
U.S. Energy Secretary Rules Out Security Guarantees for Oil Firms in Venezuela
U.S. Energy Secretary Chris Wright stated that the United States will not offer security guarantees to oil companies operating in Venezuela. Companies in the sector are accustomed to navigating such challenges independently, Wright noted, as they conduct operations globally.
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