(NewsNation) — President Trump met with more than a dozen major oil company executives at the White House on Friday, just hours after the U.S. announced the seizure of a fifth oil tanker.
The seizure comes as the Trump administration works to determine how to make the most of Venezuela’s oil. President Trump’s overall goal is to get oil executives to invest hundreds of billions of dollars in restoring Venezuela’s aging oil infrastructure.
Trump, as he opened the meeting with oil industry executives, sought to assure them that they need not be skeptical of quickly investing in and, in some cases, returning to the South American country with a history of state asset seizures as well as ongoing U.S. sanctions and the current political uncertainty.
“You have total safety,” Trump told the executives. “You’re dealing with us directly and not dealing with Venezuela at all. We don’t want you to deal with Venezuela.”
Trump added: “Our giant oil companies will be spending at least $100 billion of their money, not the government’s money. They don’t need government money. But they need government protection.”
Trump welcomed the oil executives to the White House after U.S. forces earlier Friday seized their fifth tanker over the past month that has been linked to Venezuelan oil. The action reflected the determination of the U.S. to fully control the exporting, refining and production of Venezuelan petroleum, a sign of the Trump administration’s plans for ongoing involvement in the sector as it seeks commitments from private companies.
It’s all part of a broader push by Trump to keep gasoline prices low. At a time when many Americans are concerned about affordability, the incursion in Venezuela melds Trump’s assertive use of presidential powers with an optical spectacle meant to convince Americans that he can bring down energy prices.
“At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House,” Trump said Friday in a pre-dawn social media post.
The White House said it invited oil executives from 17 companies, including Chevron, which still operates in Venezuela, as well as ExxonMobil and ConocoPhillips, which both had oil projects in the country that were lost as part of a 2007 nationalization of private businesses under Maduro’s predecessor, Hugo Chávez.
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s un-investable,” said Darren Woods, the ExxonMobil CEO. “And so significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections and there has to be change to the hydrocarbon laws in the country.”
Other companies invited included Halliburton, Valero, Marathon, Shell, Singapore-based Trafigura, Italy-based Eni and Spain-based Repsol as well as a vast swath of domestic and international companies with interests ranging from construction to the commodity markets.
Earlier on Friday, Trump announced he is canceling a second wave of strikes on Venezuela, as the country begins releasing political prisoners, including those from the opposition. The president posted on social media that the U.S. and Venezuela are “working well together” on rebuilding and modernizing their oil and gas infrastructure. Because of the cooperation, he said he had cancelled the previously expected second wave of attacks and noted that all ships will stay in place, which he says is a security decision.
The meeting comes as a U.S. delegation traveled to Venezuela on Friday for the first time since the capture of ousted Venezuelan President Nicolás Maduro.