WASHINGTON (Gray DC) – At the American Petroleum Institute’s State of American Energy event on Tuesday, the trade group’s leaders said that more changes need to happen before U.S. companies invest in Venezuelan oil.

“We’re going to need policy changes in Venezuela if we’re going to produce there,” said Mike Sommers, American Petroleum Institute President & CEO.

The event came just days after President Donald Trump met with oil company executives about investing in the country’s oil industry. But none of the leaders made any commitments to begin working in Venezuela.

“If we look at the legal and commercial constructs and frameworks in place today in Venezuela, today, it’s uninvestable,” said Darren Woods, ExxonMobil CEO, at the meeting last Friday.

At Tuesday’s event, the trade group’s Vice President of Policy, Economics and Regulatory Affairs Dustin Meyer said the industry is unified and interested in the country’s oil but only after several steps are taken.

“While the resource is enormous and while there is appetite there, there’s a lot that has to fall into place before you see major investments,” he said. “And so that’s the industry’s priority focus right now is working not just with the administration, but with the Venezuelan government as well, on making sure that our workers can operate down there safely, evaluate the resource, evaluate the infrastructure, and then get further down field in terms of what investments would look like and what sort of timeline that would operate on.”

Sommers also emphasized the need for more security but believes it will be possible with the help of the Trump administation.

“We have to have security in place, because that is an area where there are a lot of Venezuela guerrillas working, operating,” said Sommers. “…So one thing I’m confident on is that I think President Trump and this administration are focused on getting that right.”

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