President Donald Trump hosted executives from major oil companies including Exxon Mobil, Chevron, and ConocoPhillips at the White House, urging them to commit at least $100 billion to rebuild Venezuela’s dilapidated energy infrastructure following the U.S. military’s seizure of former leader Nicolás Maduro on January 3.
Trump promised U.S. guarantees for security and quick returns, emphasizing opportunities to boost production from the country’s vast reserves—the world’s largest—while aiming to lower global energy prices.
The meeting comes as the administration enforces an oil embargo through tanker seizures and plans to market Venezuelan crude, with proceeds held in U.S.-controlled accounts.
Opportunities and Administration Incentives
Trump highlighted the potential for unprecedented production growth, with Energy Secretary Chris Wright noting the “real possibility” of funding through the U.S. Export-Import Bank.
Chevron, the only major U.S. operator still active, is competing with traders like Vitol and Trafigura for licenses to market existing crude.
Smaller independents expressed eagerness to invest, while the administration offered protections and profit-sharing arrangements benefiting Venezuela, the U.S., and companies.
Risks and Corporate Hesitation
Despite the pitch, major players remain cautious. Exxon Mobil’s CEO Darren Woods called Venezuela “uninvestable” currently due to past asset seizures, and both Exxon and ConocoPhillips are hesitant about large commitments amid political instability.
Investors worry about high costs, history of nationalizations, and uncertainty in the post-Maduro transition.
Analysts note that while smaller firms are enthusiastic, the big majors with the deepest pockets are moving slowly, prioritizing stability guarantees.