ConocoPhillips CEO Ryan Lance will attend a White House summit with President Donald Trump and other US oil executives to discuss opportunities in Venezuela following the ouster of President Nicolas Maduro. The company stated it is monitoring developments in Venezuela and their potential implications for global energy supply and stability, but declined to specify what Lance plans to discuss.

Industry Attendance and Historical Context

Other major US oil firms, ExxonMobil and Chevron, have been approached regarding their CEOs' attendance. ConocoPhillips and ExxonMobil left Venezuela in 2007 after their assets were seized by the government, and both have pending arbitration cases worth billions of dollars against the country. Chevron, the sole remaining US operator in Venezuela, has stated its joint venture there will continue as planned despite recent events.

White House Perspective and Venezuelan Resources

The White House confirmed the meeting, with press secretary Karoline Leavitt stating executives will discuss the "immense opportunity" currently available. The administration believes US oil companies and banks are eager to invest in Venezuela, which holds the world's largest proven crude oil reserves at approximately 303 billion barrels. President Trump also claimed that Venezuela's acting president, Delcy Rodriguez, has agreed to ship 30 to 50 million barrels of oil to the US.