Representatives from 18 companies across the oil and gas sector will attend a White House meeting to discuss investment opportunities in Venezuelan crude following the recent regime change. The meeting is scheduled for Friday at 2 pm Eastern time.

Attending Companies and Their Venezuelan Ties

The attendees include major US producers Chevron, ExxonMobil, and ConocoPhillips, along with private operators Continental Resources and Hilcorp, and oilfield service companies Halliburton and SLB. Chevron maintains operations in Venezuela, whereas ExxonMobil and ConocoPhillips had their assets seized in 2007. European majors Shell, Repsol, and Eni will also participate; Repsol and Eni have active assets in the country, while Shell's Dragon field gas export project to Trinidad and Tobago has been delayed by US sanctions. Traders Vitol and Trafigura, refiners Valero and Marathon Petroleum, and other firms like Aspect Holdings, HKN, Tallgrass, and Raisa Energy round out the list. SLB's CEO confirmed attendance, noting the company's long history in Venezuela.

Meeting Context and Official Statements

The White House stated the meeting will focus on "investment opportunities that will restore Venezuelan oil infrastructure." A spokesperson claimed these unprecedented investments, facilitated by the Trump administration, would benefit the American and Venezuelan people as well as energy companies, and that companies are "absolutely eager" about the opportunities.

Analyst Skepticism and Challenges

Despite official optimism, analysts express doubt regarding the pace of production growth due to ongoing instability and infrastructure issues. A Rystad Energy analysis indicates that boosting Venezuela's production to 3 million barrels per day by 2040 could require as much as $183 billion in investment.

Government Attendees

In addition to company representatives, scheduled government attendees include Secretary of State Marco Rubio, Department of Energy Secretary Chris Wright, and Department of the Interior Secretary Doug Burgum.