Venezuela Oil Revival Won’t Rely on Funding From US, Burgum Says

The Trump administration is unlikely to provide financial support to help US oil companies revitalize Venezuela’s oil sector, Interior Secretary Doug Burgum said Friday, throwing cold water on hopes the multibillion-dollar effort would be subsidized by the US government.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — The Trump administration is unlikely to provide financial support to help US oil companies revitalize Venezuela’s oil sector, Interior Secretary Doug Burgum said Friday, throwing cold water on hopes the multibillion-dollar effort would be subsidized by the US government. Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.“The capital is going to come from the capital markets and come from the energy companies,” Burgum, who also leads the White House’s National Energy Dominance Council, told Bloomberg Television. “I don’t see that these companies are going to need support from the US, other than things around security. If we can provide a secure, stable environment, the resource here is so significant and so large that it’s going to be attractive for people to go in and develop.” Burgum’s remarks come after President Donald Trump previously suggested the effort, estimated to cost upwards of $100 billion over the next decade, could be reimbursed by the US. The president on Monday told NBC News “a tremendous amount of money will have to be spent and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Oil companies, which are set to meet with Trump, Burgum and other administration officials at the White House later Friday, have been wary of committing tens of billions of dollars to Venezuela over the next decade. Executives have sought assurances on physical and financial security amid concerns about the stability of a post-Nicolás Maduro government.

Energy Secretary Chris Wright said on Fox News Friday the US Export-Import Bank could be used to provide credit support. “I have been deluged with companies interested to go to Venezuela, and so far, no one’s asked for money,” Wright said in response to a question about providing direct grants to oil firms. “What they want is the US to use our leverage to make business conditions in Venezuela conducive for operations.” —With assistance from Andrea Salcedo, Annmarie Hordern, Jonathan Ferro and Lisa Abramowicz.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.