WASHINGTON, Jan 9 – Senior U.S. officials and top executives from major American oil companies gathered at the White House this week as President Donald Trump laid out an ambitious vision for Venezuela’s energy future. Framing oil as the central pillar of Washington’s strategy toward the South American nation, Trump urged U.S. energy firms to commit as much as $100 billion to restore and expand Venezuela’s long neglected oil industry. The proposal comes at a moment of profound political change in Caracas, coupled with deep uncertainty among investors about stability, security, and long term returns.
The meeting followed the recent removal of Venezuela’s long time leader Nicolás Maduro, an operation carried out earlier on January 3 that has reshaped the country’s political landscape. Since then, the U.S. administration has sought to assert control over Venezuela’s oil revenues and exports, arguing that such oversight is necessary to curb corruption, weaken criminal networks, and align the country’s future policies with American interests. Critics, however, warn that this approach risks further destabilizing an already fragile nation.
A High Stakes Energy Strategy
Speaking at the start of the closed door meeting, President Trump said American oil companies would be given what he described as a historic opportunity to rebuild Venezuela’s deteriorating energy infrastructure. He characterized the country’s oil facilities as outdated and severely damaged after decades of underinvestment, mismanagement, and political turmoil. According to Trump, U.S. involvement could eventually push Venezuelan oil output to record levels that would benefit both countries.
Executives from Exxon Mobil (XOM.N), Chevron (CVX.N), ConocoPhillips (COP.N), and several other major energy players were present. Trump made clear that his administration intends to play a decisive role in determining which companies would be allowed to enter or re enter the Venezuelan market. He also highlighted a preliminary arrangement with Venezuela’s interim leadership under which millions of barrels of crude oil would be supplied to the United States. American refineries, particularly along the Gulf Coast, are well suited to process Venezuela’s heavy crude, making such deliveries strategically attractive.
Trump argued that increased imports from Venezuela would help keep U.S. fuel prices low while also generating revenue for rebuilding the South American nation. He said the U.S. would ensure the physical and financial security of any American companies operating there, though specific guarantees or mechanisms were not detailed publicly.
At the same time, U.S. authorities have continued enforcing an embargo by intercepting Venezuelan oil tankers at sea. Administration officials say this is intended to maintain leverage over oil sales and prevent revenues from being diverted through corrupt or criminal channels. Some Democratic lawmakers have criticized these tactics, calling them heavy handed and warning they could backfire by fueling resentment and instability.
Investor Doubts and Corporate Caution
Despite the optimistic tone from the White House, oil industry executives expressed clear reservations. Venezuela’s vast oil reserves are undisputed, the largest in the world by some estimates, but converting that potential into profitable production would require massive capital, modern technology, and above all political certainty.
Exxon Mobil’s chief executive told those present that the company currently views Venezuela as effectively off limits for major investment. He pointed to the firm’s past experience in the country, where its assets were seized on two separate occasions during previous waves of nationalization. Re entering under similar conditions, he said, would only be possible if there were sweeping and credible changes to legal protections and governance.
ConocoPhillips shares a similar history, having exited Venezuela nearly two decades ago after its operations were taken over by the state. While company representatives did not rule out future involvement, people familiar with the discussions said executives were wary of committing to long term projects without firm guarantees on property rights, contract enforcement, and political continuity.
Chevron stands in a somewhat different position. It is currently the only major U.S. oil company still operating in Venezuela, maintaining a limited presence through joint ventures. A senior Chevron executive reiterated the company’s interest in the country but emphasized that any expansion would be gradual and carefully assessed. The focus, he said, would be on maintaining existing operations rather than rushing into large new investments.
Beyond the oil majors, several smaller independent producers and private equity backed firms also attended the meeting. Some of these executives signaled a greater willingness to take risks, arguing that early entry could offer significant rewards if Venezuela stabilizes and production rebounds. Energy analysts note, however, that smaller firms often face higher financing costs and fewer political safeguards, making their bets particularly precarious.
Venezuela’s production collapse underscores both the challenge and the temptation. Once pumping more than 3.5 million barrels per day in the 1970s, the country now accounts for only about 1% of global oil supply. Restoring even a fraction of that lost output would require years of sustained investment.
Administration officials have floated the possibility of using U.S. government backed financing tools to lower risks for investors. In a television interview earlier Friday, the Energy Secretary suggested that the Export Import Bank could play a role in supporting large scale energy projects. Such backing could make Venezuela more attractive to cautious investors, though it would also expose U.S. taxpayers to potential losses.
As discussions continue, the gap between political ambition and commercial reality remains wide. Trump framed the proposed investments as a straightforward formula, one in which companies recover their costs quickly and profits are shared among investors, Venezuela, and the United States. Industry leaders, by contrast, appear focused on unresolved questions about security, governance, and the durability of Venezuela’s new political order.