Repsol CEO Josu Jon Imaz has stated that the company is prepared to “invest heavily in Venezuela” and triple its crude oil production in the Caribbean nation to approximately 135,000 barrels per day. According to the company, this goal can be achieved within two or three years if the necessary conditions are met.
The executive attended a meeting at the White House with U.S. President Donald Trump, alongside other high-ranking officials from energy companies.
On Friday, the Republican politician insisted that U.S. oil companies will invest around $100 billion to revitalize the South American country’s oil industry. “They are going to invest their money, not our government’s—they don’t need it—but they do need our protection,” he noted.
Furthermore, he added that Washington will provide “government security” to the companies. Trump also mentioned that his administration will control which companies are permitted to enter Venezuela.
