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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This course all plays into the oil markets, which we're

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Speaker 2: listening closely today, Tyler to the President's meeting with top

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Speaker 2: oil executives as the administration pursues its plans to revive

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Speaker 2: the Venezuelan oil industry with the leadership of one cabinet secretary,

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Speaker 2: in particular.

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Speaker 1: Secretary of Energy Chris Wright, recommended by Doug as being

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Speaker 1: the greatest oilman anywhere in the world, because I wanted

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Speaker 1: Doug for that job Energy, and Doug said, no, sir,

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Speaker 1: there is a man named Chris Wright.

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Speaker 3: I said, who the hell is Chris?

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Speaker 1: Right, He said, he's the most talented oil man anywhere

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Speaker 1: in the world.

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Speaker 2: The most talented oil man anywhere in the world. While

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Speaker 2: he's on the north lawn of the White House right

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Speaker 2: now and with us live on balance of Power, the

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Speaker 2: aforementioned US Energy Secretary, Chris Wright, it's great to see you,

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Speaker 2: mister secretary.

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Speaker 3: That was quite a meeting.

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Speaker 2: We were listening and watching here on Bloomber while you

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Speaker 2: were in the East Room with the President and more

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Speaker 2: than a dozen oil executives. And of course there's a

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Speaker 2: big ask here when we're talking about one hundred billion

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Speaker 2: dollars over ten years. I believe that's the outline that

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Speaker 2: we heard, and we'd love to explore this with you.

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Speaker 2: With some concerns about security guarantees and questions about return

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Speaker 2: on investment. Secretary, are you asking these major oil companies

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Speaker 2: to work harder and potentially make less money?

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Speaker 3: Oh? I don't think that's the case.

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Speaker 4: There's tremendous interest because of the resources in Venezuela, the

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Speaker 4: history in Venezuela, and of course, these business men and

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Speaker 4: women are patriotic Americans.

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Speaker 3: They're excited to be part of Team USA.

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Speaker 4: They're excited to see a pivot in the business conditions

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Speaker 4: in Venezuela, and if several are already on the ground,

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Speaker 4: they're going to ramp up investments, I mean immediately in

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Speaker 4: the next few weeks.

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Speaker 3: So yeah, can we achieve.

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Speaker 4: One hundred billion dollars investment over the next ten years?

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Speaker 4: I think absolutely. But what we're one week in right

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Speaker 4: now President Trump's leadership. I think we've had a tremendous

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Speaker 4: week of progress transformation in Venezuela and excited to see

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Speaker 4: what comes in the weeks and months ahead.

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Speaker 5: Well, mister Secretary, can you outline any of the agreements

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Speaker 5: that the administration was able to ink today because President

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Speaker 5: Trump said that there was going to be a few

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Speaker 5: deals made in that room.

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Speaker 4: Oh well, look, we have Chevron on the ground in

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Speaker 4: the country right now, largest oil producer in Venezuela right now.

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Speaker 4: I think with some of the moves that we can

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Speaker 4: do with them, which is just licensing them to move

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Speaker 4: ahead with projects they've already lined up. They mentioned the

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Speaker 4: ability to grow their production by fifty percent in the

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Speaker 4: next eighteen to twenty four months. This is the largest

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Speaker 4: producer in Venezuela.

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Speaker 3: That's tremendous.

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Speaker 2: Oh, we know, they've been there for about one hundred years.

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Speaker 2: I think, as the President said, the question is who

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Speaker 2: will join them? Mister secretary, And I'm wondering when it

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Speaker 2: comes to incentives and security guarantees, what you can tell us.

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Speaker 2: You heard from the CEO of Exxon Mobile, Darren Woods,

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Speaker 2: describing his assets being seized twice. He referred to Venezuela

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Speaker 2: as uninvestable. When you talk about security guarantees, is that

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Speaker 2: a military security guarantee or would there be private security

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Speaker 2: contractors involved.

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Speaker 4: Look, we don't know the details of that stuff yet,

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Speaker 4: but what we want to do is put the incentives

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Speaker 4: in place to transform the situation on the ground in Venezuela.

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Speaker 4: I'm sure you've seen the giant a rally saying libre Venezuela.

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Speaker 4: This is a government that for twenty five years has

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Speaker 4: just crushed people's rights, crushed their property, made it unsafe,

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Speaker 4: essentially a large narco drug, gun and human running operation.

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Speaker 4: So lots of room for improvement. But I'm quite optimistic.

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Speaker 4: We're going to have to see in the coming weeks

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Speaker 4: how things evolve. But with President Trump's leadership with the

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Speaker 4: United States, his partnership, can we make a pivot and

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Speaker 4: get Venezuela going in the right direction?

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Speaker 3: Absolutely?

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Speaker 4: And the key partners to watch are the ones that

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Speaker 4: are already there.

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Speaker 3: How do their operations.

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Speaker 4: Change in the next few weeks, in the next few

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Speaker 4: months for the new for the re entrance like excell

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Speaker 4: And yet that's going to be a longer term process

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Speaker 4: of course.

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Speaker 2: Okay, and I hear your optimism, Secretary, But just to understand,

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Speaker 2: you haven't gotten to the point on the ground where

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Speaker 2: you can determine what security apparatus would be necessary. Is

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Speaker 2: that safe to say?

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Speaker 4: That's safe to say in seven days we don't have

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Speaker 4: the full on the ground assessment done yet.

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Speaker 5: Has the administration ruled out putting the US military on

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Speaker 5: the ground as a security guarantee.

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Speaker 4: President Trump of course never rules out options, but that

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Speaker 4: is definitely not in the plans.

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Speaker 3: That is not the plan.

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Speaker 4: The plan is to use the military power that's manning

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Speaker 4: the blockade of the oil so we can stop the

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Speaker 4: criminals and stop our adversaries from taking oil out of

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Speaker 4: Venezuela and have a more orderly, safe process.

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Speaker 3: What's going on.

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Speaker 4: But the plan today and I think very likely, will

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Speaker 4: not involve US military operations on the ground in Venezuela.

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Speaker 4: This is a partnership with some incentives based on a

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Speaker 4: blockade and a partnership between the interim authorities in Venezuela

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Speaker 4: and the United States government and in oil and gas

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Speaker 4: companies from America and.

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Speaker 3: Around the world.

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Speaker 2: There's some questions Secretary right about the role that World

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Speaker 2: Bank money might play, knowing that in many cases there

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Speaker 2: was money seized. World Bank ruled that Venezuela owed over

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Speaker 2: eight billion dollars to Conico. Phillips Exon Mobil says it

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Speaker 2: lost more than sixteen billion dollars. Chevron has its own number.

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Speaker 2: Is the administration working with the World Bank to unlock

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Speaker 2: that money to help fund this investment.

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Speaker 3: Yeah.

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Speaker 4: Look, the Venezuelan government has been horrible to the businesses

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Speaker 4: that have been there and the people in Venezuela. So

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Speaker 4: there's a lot of money that's owed, there's a lot

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Speaker 4: of redress that's needed to have happened. But in the

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Speaker 4: short term, the goal is to flund is to flow

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Speaker 4: funds to the interim authorities in Venezuela, stop the collapse

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Speaker 4: of the local currency, the boulevard, and get the economy

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Speaker 4: stabilized and then moving in a positive direction. We have

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Speaker 4: short term issues that are today much more urgent than

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Speaker 4: ultimately resolving the claims that many companies have against the

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Speaker 4: Venezuelan government. But progress are free, prosperous. Venezuela can resolve

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Speaker 4: those debts and those problems over time. The goal is

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Speaker 4: to get from freefall it's been in for the last

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Speaker 4: few years and get it go in the other direction.

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Speaker 3: Well.

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Speaker 5: Relatedly, the Interior Secretary Doug Bergham told Bloomberg Television earlier

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Speaker 5: today that the US is unlikely to provide financial support.

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Speaker 5: That appear to be echoed by the President today. Can

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Speaker 5: you confirm any financial incentives offered to these companies to

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Speaker 5: go into Venezuela.

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Speaker 4: Now they were not, you know, oil and gasping that

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Speaker 4: you had state control in Venezuela and it took thriving

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Speaker 4: oil industry and just crushed it. What we want is capitalist,

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Speaker 4: free market forces a business, private enterprise to go in

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Speaker 4: and do what business does, which is figure out how

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Speaker 4: to operate in all different kinds of environments, generate positive

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Speaker 4: cash flow, employ Venezuelans, improve the social conditions, and then

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Speaker 4: things spiral up. We've had twenty years of things spiraling down.

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Speaker 4: We're going to see him spiral up. But no, we

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Speaker 4: don't need US government money to incent companies to go

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Speaker 4: down to Venezuela. They're going to get down there to

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Speaker 4: make money for their shareholders, to help the United States,

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Speaker 4: and to improve the lives of Venezuelans.

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Speaker 2: We heard what the President said earlier, Secretary that you're

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Speaker 2: the best oil man in the world. I'm wondering would

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Speaker 2: you be comfortable going to Venezuela yourself to get the

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Speaker 2: lay of the land. Do you plan to go?

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Speaker 4: Oh, I'm sure I will be going to Venezuela before

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Speaker 4: too long.

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Speaker 5: Absolutely, a mister Secretary, the President said that the companies

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Speaker 5: would be dealing directly with the US.

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Speaker 3: I believe he.

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Speaker 5: Said that the US doesn't want the companies dealing at

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Speaker 5: all with Venezuela. Is that true? How is this actually

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Speaker 5: going to work moving forward? And can you outline what

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Speaker 5: the current communications look like between the US and the

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Speaker 5: interim Venezuelan government when it comes to reviving production in

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Speaker 5: the country.

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Speaker 3: Yeah, again, remember where we are.

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Speaker 4: We are only one week into this transformation, So yeah,

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Speaker 4: only a few of us in the United States government

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Speaker 4: are dealing with a few people that are in the

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Speaker 4: interim authorities in Venezuela right now. So the whole framework

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Speaker 4: of communication and how things are going to work, that's

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Speaker 4: going to evolve over time. Right now, we're in emergency mode.

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Speaker 4: We're in stabilizing the country, stabilizing the economy, dealing with

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Speaker 4: a few.

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Speaker 3: People, and all of that will unfold with time. But

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Speaker 3: we're one week in.

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Speaker 2: Is the acting President Delsia Rodriguez on board with the

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Speaker 2: President's plan as you understand it? And Energy Secretary, have

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Speaker 2: you spoken with her yourself?

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Speaker 4: I have not spoken with Delsey directly myself yet, but

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Speaker 4: my colleague from the State Department has and so, look,

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Speaker 4: we're in communication, A few of us are in communication

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Speaker 4: with a team of people down there, and I would

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Speaker 4: say incentives are very aligned. They want a better Venezuela,

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Speaker 4: They want to stop a free fall of their economy.

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Speaker 4: They want to work with the United States to grow

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Speaker 4: the revenues that flow into the country. If you sell

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Speaker 4: more oil, you sell it at a higher price. Everyone

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Speaker 4: wins by that. I would say all of our interactions

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Speaker 4: so far have been highly constructive.

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Speaker 5: What was the mood in the room today, mister Secretary?

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Speaker 5: And were there any assurances made that US oil policy

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Speaker 5: won't shift when it comes to Venezuela, Because our understanding

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Speaker 5: is this is a decades long project that could be underway.

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Speaker 5: What is there to say that the incentive and the

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Speaker 5: priority would be different under a different administration. Did you

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Speaker 5: have any sort of conversations like that with these companies?

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Speaker 4: Oh? Yes, Look, the bigger companies, they operate in countries

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Speaker 4: all around the world. You know, Venezuela is certainly not

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Speaker 4: the only country that's that's gone through phases of very

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Speaker 4: poor governance. Heck, we had we had four years of

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Speaker 4: the Biden administration where he came in guaranteeing he would

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Speaker 4: end the oil and gas industry.

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Speaker 3: That was our own government that pledgs that.

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Speaker 4: Now, it didn't seize assets, but it sure talked like

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Speaker 4: it was going to. So hostile government environments are not

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Speaker 4: they're not new to oil and gas companies. I think

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Speaker 4: that's sad, that's unfortunate, but so that they're realistic people.

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Speaker 4: They understand there's trade offs and challenges everywhere. But again,

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Speaker 4: even in this free fall, we've got several companies operating today.

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Speaker 3: They're immediately feeling that business.

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Speaker 4: Conditions are about to get better for them and they're

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Speaker 4: going to ramp up their investments. If you're not in

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Speaker 4: the country yet, of course you're going to be a

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Speaker 4: little bit more cautious. But we're going to have teams

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Speaker 4: on the ground investigating, following what's happening with production and

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Speaker 4: the facilities, seeing what the safety and security situation is

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Speaker 4: like and how that progresses. But I have no doubt

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Speaker 4: at all we will see massive increases in investment from

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Speaker 4: many companies into the oil and gas industry in Venezuela,

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Speaker 4: and the production profile will reflect that. We'll see growing

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Speaker 4: production later this year, hopefully by this summer, and we'll

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Speaker 4: see better economic conditions and better quality lives for.

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Speaker 3: The people in Venezuela.

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Speaker 4: All those are critical for the US objectives to end

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Speaker 4: criminality and the exporting of problems to the American people,

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Speaker 4: and the restrictions on oil production that just make gasoline

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Speaker 4: and diesel and plane travel more expensive for Americans, increase

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Speaker 4: American security, and increase security in Venezuela. This is a

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Speaker 4: big challenge, and without a bold president like President Trump,

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Speaker 4: we wouldn't be where we are today.

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Speaker 3: We'd just be still.

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Speaker 4: Watching a twenty five year slide into oblivion, Venezuela becoming

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Speaker 4: a failed state.

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Speaker 3: We don't want to see that happen.

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Speaker 2: Well, just lastly, and we'll let you go in from

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Speaker 2: the rain, Secretary, I just wonder how this whole story camelides,

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Speaker 2: if at all, with the new demand to revive our

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Speaker 2: nuclear sector. And we saw a big example of it

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Speaker 2: today with Meta cutting a series of deals with three

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Speaker 2: nuclear providers, including one you used to be on the

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Speaker 2: board at Akloh. And we saw quite a response today

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Speaker 2: as the data center demand continues here. If this glut

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Speaker 2: of oil is about to come on the market, does

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Speaker 2: that slow the haste to authorize new nuclear plants?

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Speaker 4: No, not at all, Not at all the world in

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Speaker 4: a billion people live a lifestyle like you and I do,

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Speaker 4: and seven billion people want to live a lifestyle like

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Speaker 4: you and I. The world needs massively more energy of

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Speaker 4: all different kinds. In the United States, only in Hawaii

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Speaker 4: and New England because of crazy policies. Do we ever

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Speaker 4: use oil to generate electricity.

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Speaker 3: It's used for.

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Speaker 4: Different things that nuclear plants that we're going to build

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Speaker 4: right now, they're going to generate electricity that's not even

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Speaker 4: in the same energy realm of oil.

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Speaker 3: But we need more oil. We need more.

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Speaker 4: Natural gas, we need more nuclear power, we need more geothermal.

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Speaker 4: We need more energy to better people's lives, lower costs

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Speaker 4: in our country, and grow economic opportunities for Americans. This

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Speaker 4: is a pro energy, pro America, pro jobs president, and

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Speaker 4: to me that's very refreshing. But no, nuclear and oil

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Speaker 4: are not competitive. We want them both

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Speaker 5: To thrive, all right, US Energy Secretary Christopher Right, mister Secretary,

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Speaker 5: thank you so much for joining us here on Bloomberg