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.

“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.”