Trump’s Friends Are Already Signing Deals to Take Venezuela’s Oil
“It’s a milestone deal in making the Western Hemisphere the center of the global energy system,” Energy Secretary Chris Wright said on Wednesday. He was talking about a fellow Trump ally’s oil deal with Venezuela: oil tycoon Harold Hamm of Continental Resources, a US petroleum and natural gas production company, who announced a preliminary deal […]
Venezuela’s vast oil reserves are attracting attention from US energy allies. Harold Hamm, a prominent oil tycoon and friend of President Trump, has announced a preliminary deal with Venezuela’s national oil company, PDVSA. The agreement grants Continental Resources permission to develop and operate 126,000 acres of oil fields, potentially holding 30 billion barrels of oil.
Energy Secretary Chris Wright, alongside Hamm, revealed the deal at the recent G20 energy summit in Houston. This development follows Chevron’s recent investment of $7 billion to expand production in Venezuela, with ExxonMobil reportedly close to signing a similar agreement that could cover over 50 billion barrels of oil reserves.
Despite uncertainties surrounding the US-Venezuela relationship and the complexities of scaling up production, the Trump administration’s actions have paved the way for major US companies to capitalize on Venezuela’s oil wealth.
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