US Secretary of Energy Chris Wright reported that ConocoPhillips and a number of other energy companies are holding discussions with interim Venezuelan President Delcy Rodriguez, with the aim of settling compensation for losses estimated at billions of dollars that resulted from the nationalization of the oil sector two decades ago. Speaking to Bloomberg, Wright explained that negotiations are underway and involve all parties that have previously lost assets, with the aim of ensuring payment of outstanding debts and paving the way for the return of these companies and their new investments in order to increase production.
Wright’s statements come on the sidelines of a tour he made in the Orinoco oil basin. This is the first visit by a high-ranking American official since the arrest of former President Nicolas Maduro. He noted that Rodriguez has expressed remorse over nationalization events in the past, considering that debt settlement may represent an incentive for hesitant American companies to support the Trump administration’s efforts to revive the Venezuelan oil sector.
Despite the issuance of international arbitration decisions obligating Venezuela to pay approximately $10 billion to ConocoPhillips, the company was only able to recover approximately $1 billion. Wright confirmed that the US administration is preparing to issue licenses to import spare parts and services to Venezuela.
On his account on the “Truth Social” platform, President Trump wrote that relations with Venezuela are “exceptional,” and indicated that oil will begin flowing soon. For her part, Rodriguez expressed her happiness with the new path based on “respect and cooperation within the framework of national sovereignty.”
Wright concluded his speech by emphasizing that giving US-linked companies a leadership role in rebuilding the Venezuelan oil sector will reduce the influence of China, Russia, and Iran, stressing that this visit aims to make room for “America’s most honest Western allies.”
