Trump to Meet Energy Executives, Outline Plan for Venezuela

President Donald Trump is set to outline his vision for rebuilding Venezuela’s battered oil sector Friday in a meeting with representatives from 17 energy companies, including crude producers, refiners and commodity traders.

Industry executives slated to attend the Friday afternoon meeting include not just major US oil companies — Chevron Corp. Exxon Mobil Corp. and ConocoPhillips — but also smaller independent producers, including Continental Resources Inc. and Hilcorp Energy Co., said a White House official.

Oilfield service firm Halliburton Co., refiners Valero Energy Corp. and Marathon Petroleum Corp., and traders Trafigura Group and Vitol Americas also are invited to attend, along with Shell Plc, Spain’s Repsol SA and Italy’s Eni SpA, the official said. Other companies that have confirmed attendance, according to the official, include HKN Inc. Tallgrass Energy, Raisa Energy and Aspect Holdings.

Trump is counting on oil companies operating in the US to help transform Venezuela’s oil sector and boost its production. Although the nation sits atop the world’s largest proved crude reserves, its output has dwindled to less than 1 million barrels per day after decades of disrepair and the exodus of most foreign operators — far from its 1970s peak closer to 4 million barrels daily.

“Following the announcement of President Trump’s historic energy deal with Venezuela, American oil companies will come to the White House to discuss investment opportunities that will restore Venezuelan oil infrastructure,” said White House spokeswoman Taylor Rogers. “The American people, energy companies, and the Venezuelan people will all greatly benefit from these new, unprecedented investments in Venezuela’s oil infrastructure thanks to President Trump.”

Trump earlier Friday said in a post on social media that “At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House.”