U.S. President Donald Trump has announced that energy companies involved in the revitalization and management of Venezuela's oil industry will primarily hire Venezuelan workers, though some American personnel will also be present.
"There will be Americans... but I believe they will largely rely on Venezuelan workers. They have a lot of excellent workers and a very high unemployment rate," Trump stated during a meeting at the White House with major U.S. oil firms like Exxon, Chevron, and ConocoPhillips, as well as international companies such as Italy's ENI and Spain's Repsol.
The comment was made in response to a question about the plan for companies and American workers operating in Venezuela, following Trump's mention of "security assurances" for these firms if they choose to enter the country.
Trump elaborated that Venezuelans, who are facing high unemployment, are "very adept at extracting oil from the ground," which makes it logical for them to be the primary labor force, according to his argument.
The White House gathering included discussions with both prominent American oil companies like Exxon, Chevron, and ConocoPhillips, and international players such as ENI and Repsol, focusing on exploiting Venezuela's oil resources under Washington's new strategy.
The president emphasized that his administration is coordinating with "the world's largest oil companies" to manage and reconstruct Venezuela's energy sector with goals aimed at stabilizing the country and lowering oil prices.
Trump noted the high level of business interest, stating that "the ballroom is not enough" and over a dozen companies are eager to participate. He added that firms that couldn't be accommodated will meet shortly with Energy Secretary Chris Wright and Interior Secretary Doug Burgum.
The strategy includes U.S. oversight of oil production and trade, with revenues managed under American supervision "for the benefit of the Venezuelan people."
The meeting also addressed regional security, anti-narcotics efforts, and reducing oil prices for American consumers.
This announcement comes amid a significant shift in U.S. policy towards Venezuela, following the detention of Nicolás Maduro and his wife on January 3, during a U.S. military operation in Caracas.
In recent interviews, Trump stated that at least 14 major energy companies plan to invest a minimum of $100 billion to rebuild Venezuela's deteriorating oil infrastructure, which has suffered from years of sanctions, mismanagement, and underinvestment.
Key Questions About U.S. Involvement in Venezuela's Oil Sector
Why are U.S. companies involved in Venezuela's oil industry?
U.S. companies are participating in the revitalization of Venezuela's oil sector as part of a broader strategy to stabilize the region and reduce global oil prices, under the oversight of the U.S. government.
What is the role of Venezuelan workers in the oil sector revival?
Venezuelan workers are expected to be the primary workforce in the oil sector revival due to their expertise in oil extraction and the high unemployment rate in the country.
How will the revenues from Venezuela's oil industry be managed?
The revenues from the oil industry in Venezuela will be managed under U.S. supervision to ensure they benefit the Venezuelan people.
What are the expected investments in Venezuela's oil infrastructure?
At least 14 major energy companies are anticipated to invest a minimum of $100 billion to rebuild Venezuela's oil infrastructure, which has been in decline due to sanctions and mismanagement.