Trump has confirmed to oil companies that they must invest $100 billion in Venezuela
Repsol's leader and former PNV president, Josu Jon Imaz, has thanked the US president for "opening the door to a better Venezuela," and has shown his willingness to triple production.
U.S. President Donald Trump confirmed on Friday that U.S. oil companies will invest about $100 billion to revive Venezuela's oil industry.
The president explained this at the White House after a round table with executives of major US energy companies, including Chevron, ExxonMobil, ConocoPhillips, and Spanish Repsol.
"They're going to invest their money, not that of our government, they don't need it, but they do need our support, "the Republican said, adding that Washington will provide" government security "to the companies.
Despite the meeting at the White House, leading leaders of the US oil industry have been sceptical about the possibility of investing in the South American country because of uncertainty about its political future, the nationalization of foreign assets in the past, and the low price of a barrel, according to US media reports.
But Repsol's leader and former PNV president, Josu Jon Imaz, after thanking the US president for "opening the door to a better Venezuela," has assured him that the Spanish oil company is willing to "invest more in Venezuela," and "triple" production over the next two or three years.
Imaz said during his meeting with Trump at the White House that Repsol produces 45,000 barrels of crude oil a day in the Caribbean country, a figure that could triple.
Repsol is in Venezuela through its holdings in gas licensed institutions (Cardon IV, etc.) and mixed oil companies (Petroquiriquire and others). The company owns 15% of its proven reserves in Venezuela, exceeding 250 million barrels of oil.
The White House meeting was attended, together with Repsol, by major companies in the US oil industry, such as Exxon, ConocoPhillips, Chevron, and other major foreign companies, such as the Italian Eni, Trafigura or Shell.
"If you don't want to come in, let me know because I have 25 people who are not here today and are willing to take their place," the US president said during the meeting.
At the press conference following the meeting, ExxonMobil , CEO of the US oil company, said his company must see "significant changes" in Venezuela before re-entering the region.
Ryan Lance, CEO of Conoco Phillips , another of the leading oil companies in Venezuela at the time, has insisted that we need to talk about restructuring the country's sovereign debt to finance the delivery of dollars to the Venezuelan energy industry.
Chevron is the only American oil company still operating in Venezuela and has been licensed by the Treasury Department (OFAC) to import crude oil.
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