PBS News Hour - Segments What oil companies need before tapping Venezuela's vast reserves
Jan 9, 2026
Bob McNally, an energy analyst and founder of Rapidan Energy Group, discusses the complexities of tapping into Venezuela's vast oil reserves. He highlights the cautious optimism from oil executives during President Trump's meeting, emphasizing their demand for strong security before investing. McNally also addresses legal concerns surrounding oil sales and the timeline for meaningful production, suggesting that price impacts will be limited until after 2030. His insights reveal the strategic challenges ahead for U.S. companies in the Venezuelan market.
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Cautious Optimism Among Oil Leaders
- Oil executives are cautiously optimistic but emphasize a long, difficult recovery process for Venezuela's oil sector.
- Bob McNally says expectations between the White House and companies are progressively aligning.
Security Is A Prerequisite
- Security is non-negotiable for oil companies before sending teams or personnel to Venezuela.
- McNally notes firms typically provide their own security with contractors and local partners rather than rely on the U.S. government.
Three Buckets Of Venezuelan Oil
- There are three distinct oil "buckets": stored oil, near-term production increases, and long-term heavy investment projects.
- McNally says only stored oil is immediately sellable, while major output gains need legal changes and decades of spending.