US Won’t Offer On-the-Ground Security to Oil Firms in Venezuela

The Trump administration has no plans to directly provide security to oil producers in Venezuela, Energy Secretary Chris Wright said Thursday, dismissing the notion US troops will be used to address companies’ concerns about safety in the troubled nation.

“We are not going to get involved in providing on-the-ground security,” Wright said during an interview with Bloomberg Television. “The US involvement right now in controlling the flow of funds in Venezuela gives us huge leverage to reduce the criminality in that country, reestablish peace and better business conditions.”

Oil executives and industry leaders have stressed companies need political and legal reforms, contract certainty and security guarantees before investing in Venezuela following the apprehension of former President Nicolás Maduro. While US President Donald Trump has vowed to provide “total safety” to companies operating there, it remains unclear how the US would accomplish that.

During the interview Thursday, Wright said the steps the US has taken in Venezuela have already made the nation a more secure place to work and that oil companies are well versed in operating in challenging environments around the world.

Ultimately, he said, Venezuela will need a representative government, new laws and changes to its constitution.

“But that will take time,” Wright said. “There’s always different risk and reward situations in time, which is why the wildcatters will move first,” Wright said. “The bigger, longer-term, tens of million of dollars of investment, they’re going to wait until there’s more clarity in that environment.”

Wright said he plans to travel to Venezuela within the next few weeks to meet with government officials, look at the oil infrastructure and meet with the nation’s acting President Delcy Rodríguez.

“We will definitely see a number of American oil and gas companies going down as well and investigating opportunities on the ground,” Wright said. “We will move OFAC approvals for anyone who wants to go down there.”