Trump's 8-Month Venezuela Oil Push Stalls as Energy Department Feud Blocks U.S. Deals
Updated
Updated · The Daily Beast · Aug 3
Trump's 8-Month Venezuela Oil Push Stalls as Energy Department Feud Blocks U.S. Deals
2 articles · Updated · The Daily Beast · Aug 3
Summary
Nearly eight months after Nicolás Maduro’s U.S.-backed removal, no American oil company has secured a new Venezuela deal despite Trump’s repeated pledge to send U.S. investment into the sector.
Administration officials and industry figures blame the Energy Department for favoring cautious majors such as Exxon and ConocoPhillips over faster-moving wildcatters that MAGA allies and the National Energy Dominance Council want involved.
That split has grown sharp enough that State Department officials are urging acting president Delcy Rodríguez to sign more wildcatter contracts so agreements can be finalized by the end of August.
Energy Department and White House spokespeople reject the criticism, saying they are working with Venezuelan officials and companies of all sizes and are already facilitating investment talks.
The impasse leaves a signature post-Maduro promise unfulfilled and deepens frustration among smaller U.S. producers, some of whom say they would already be lifting oil if approvals had moved faster.
Despite the lack of finalized corporate deals, Venezuelan oil exports have surged. Who is truly profiting from this opaque energy revival?
Will agile, risk-taking oil firms successfully rebuild Venezuela’s shattered energy grid while cautious industry giants remain paralyzed by legal fears?
How can foreign energy companies finance a massive reconstruction if Venezuela's new laws still deny them actual ownership of the oil reserves?