U.S. Rules Out On-the-Ground Security for Oil Companies in Venezuela, Wright Says
Energy Secretary Chris Wright, speaking last Thursday at the World Economic Forum, confirmed that the United States will not provide on-the-ground security for oil companies operating in Venezuela, a clarification closely watched by U.S. firms tracking the country’s tentative reopening.
The announcement deepens uncertainty around how far the U.S. will support industry engagement even as Washington urges investment in Venezuela’s massive but under-developed oil sector.
Wright told Bloomberg Television at the World Economic Forum that the U.S. has “no plans to offer security guarantees” and that firms should expect to manage their own safety risks, even in a politically volatile setting.
That position appears sharper than earlier signals suggesting U.S. backing could extend to reassurances for companies weighed down by decades of instability.
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“We are not going to get involved in providing on-the-ground security,” Wright said, stressing companies are experienced in operating in diverse global environments.
The distinction matters…
Because industry leaders have repeatedly listed security guarantees, legal clarity and stable contracts as prerequisites for major investment in Venezuela.
At the same time, U.S. refiners such as Valero and Phillips 66 have already bought Venezuelan crude under new export authorizations, and lawmakers in Caracas are pushing oil sector reforms to lure foreign capital.
What happens next…
Wright plans to travel to Venezuela soon to meet officials and assess infrastructure, while companies weigh risk vs. reward in a fragile but potentially profitable market.
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