Venezuela Oil Revival Won’t Rely on Funding From US, Burgum Says
(Bloomberg) -- The Trump administration is unlikely to provide financial support to help US oil companies revitalize Venezuela’s oil sector, Interior Secretary Doug Burgum said Friday, throwing cold water on hopes the multibillion-dollar effort would be subsidized by the US government.
“The capital is going to come from the capital markets and come from the energy companies,” Burgum, who also leads the White House’s National Energy Dominance Council, told Bloomberg Television. “I don’t see that these companies are going to need support from the US, other than things around security. If we can provide a secure, stable environment, the resource here is so significant and so large that it’s going to be attractive for people to go in and develop.”
Burgum’s remarks come after President Donald Trump previously suggested the effort, estimated to cost upwards of $100 billion over the next decade, could be reimbursed by the US. The president on Monday told NBC News “a tremendous amount of money will have to be spent and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue.”
Oil companies, which are set to meet with Trump, Burgum and other administration officials at the White House later Friday, have been wary of committing tens of billions of dollars to Venezuela over the next decade. Executives have sought assurances on physical and financial security amid concerns about the stability of a post-Nicolás Maduro government.
Energy Secretary Chris Wright said on Fox News Friday the US Export-Import Bank could be used to provide credit support.
“I have been deluged with companies interested to go to Venezuela, and so far, no one’s asked for money,” Wright said in response to a question about providing direct grants to oil firms. “What they want is the US to use our leverage to make business conditions in Venezuela conducive for operations.”
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