(Bloomberg) – U.S. Energy Secretary Chris Wright plans to talk this week with oil-industry executives about reviving Venezuela’s energy sector following the capture of President Nicolás Maduro, according to people familiar with the matter.
Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami this week that executives from Chevron Corp., ConocoPhillips and other companies are scheduled to attend. Chevron is the only oil supermajor still operating in Venezuela.
U.S. President Donald Trump is banking that U.S. oil companies will step in to revive production in Venezuela after years of corruption, underinvestment and neglect have ravaged output. Crude producers, however, are apt to move cautiously.
See also: Chevron shares jump as Trump signals Venezuela oil revival
Venezuela sits atop the world’s largest reserves, but experts estimate that rebuilding the nation’s energy infrastructure will require about $10 billion per year of investment over the next decade.
While crude producers have long-term interest in Venezuela, they’re not willing to make investments based simply on the fact that the U.S. removed Maduro from power over the weekend, according to one of the people.
Before making any commitments, oil companies want to ensure there’s a stable government in place, that the rule of law is upheld and that they have some degree of confidence Washington will to support their presence in Venezuela even after Trump is no longer in office, the person said.
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