From Bloomberg Markets and Finance.
Heidi Crebo-Rediker, Senior Fellow for Geoeconomics at the Council on Foreign Relations, discusses how the US has put itself in the middle of China’s Venezuela oil trade.
ConocoPhillips and other energy companies that lost billions of dollars after Venezuela nationalized its oil industry decades ago are in talks with acting Venezuela President Delcy Rodríguez over recouping some ground, according to US Energy Secretary Chris Wright.
“They are in active discussions with ConocoPhillips — the people that lost assets in the before, are all in active dialogs right now,” Wright said Thursday in an interview on Bloomberg Television. “What’s the right way forward? How to get to recompense for that money they’re owed and hopefully entice them to come back into the country and grow production?”
Wright, the most senior US official to visit to Venezuela since the capture of former President Nicolás Maduro, spoke during a tour of Venezuela’s Orinoco oil belt, following a meeting with Rodríguez where he said the two discussed the issue.
“She has regret about the past and about the things that happened there,” Wright said, adding repayment could help entice reluctant US oil producers to help in President Donald Trump’s quest to revitalize Venezuela’s beleaguered oil sector.
Two decades ago, Exxon Mobil Corp. and ConocoPhillips had their assets nationalized by Maduro’s predecessor, Hugo Chávez, costing the companies billions.
ConocoPhillips Chief Executive Officer Ryan Lance has said his top priority in Venezuela is recouping billions his company is owed. Despite roughly $10 billion in favorable judgments from international arbitrators holding Venezuela liable for the seizures, the Houston oil giant’s efforts to recover all it’s owed have been frustrated. So far the company has only been able to recovery about $1 billion.
ConocoPhillips declined to comment on Wright’s comments from Thursday.
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