President Donald Trump pressed executives from major oil companies on Friday to commit at least $100 billion of private capital to rebuild Venezuela’s depleted oil industry, but several leaders voiced deep reservations about the risks and structural barriers to doing business in the South American country. The meeting, held in the East Room of the White House and attended by representatives from ExxonMobil, Chevron, ConocoPhillips and other global energy firms, underscored the tension between Washington’s strategic ambitions and corporate caution.
Trump framed the initiative as a historic opportunity to tap Venezuela’s vast oil reserves and lower energy prices for consumers, saying U. S. firms could revive production and secure “tremendous wealth.” He pledged that companies would have “total safety, total security” for their operations and indicated that financing would come primarily from private-sector investment without direct government funding.
ExxonMobil’s chief executive, Darren Woods, articulated the prevailing hesitation among top executives, describing the current environment in Venezuela as “uninvestable” without sweeping legal and commercial reforms. Woods pointed to past expropriations of assets—Exxon’s owned properties in Venezuela were taken over by the government in earlier waves of nationalisation—and said the company would first send technical teams to assess conditions on the ground before evaluating any future commitments.
Legal uncertainty and historical asset seizures by the Venezuelan state have left lingering claims worth billions for some companies, a long-standing barrier to re-entry. ConocoPhillips, for instance, is reportedly owed about $12 billion from nationalisations two decades ago, a situation that executives said complicates discussions about new investments. Trump, however, made clear that the administration would not prioritise compensation for past losses, asserting that future deals should start “with an even plate.”
Chevron, the only U. S. major with a continuous presence in Venezuela during previous years, displayed cautious interest without committing to the broader investment programme pitched by Trump. Chevron’s vice chairman noted the company’s existing operations and output in the country, while emphasising that safety and regulatory compliance remain paramount. Other attendees, including smaller independents and private equity-backed entities, signalled varying levels of enthusiasm about potential involvement.
Analysts and industry watchers have flagged significant hurdles to large-scale investment, including political instability, security concerns, and the sheer cost of rehabilitating dilapidated infrastructure. Venezuela, which once ranked among the world’s top producers with outputs exceeding 3.5 million barrels per day, now accounts for barely 1 per cent of global supply after years of underinvestment. Operating heavy, high-sulphur crude further complicates profitability for refineries not geared to process such grades.
Trump’s push follows U. S. military and diplomatic moves that have dramatically altered the political landscape in Venezuela. The administration’s efforts to seize sanctioned oil tankers at sea and control Venezuelan crude shipments reflect a strategy to leverage energy resources for geopolitical and domestic economic goals. Trump has suggested that U. S. control over Venezuelan oil could help suppress global prices and bolster the nation’s energy security, while also binding Venezuela closer to U. S. strategic interests.
Critics of the strategy, including some lawmakers and independent experts, argue that tying military force and political intervention to corporate profit undermines long-term stability and could expose American firms to unacceptable risks. Some Democratic legislators have labelled the approach as bordering on coercion, warning that promises of security guarantees are vague and that engagement could weaken domestic producers by flooding markets with additional crude.
Trump and industry leaders also discussed broader frameworks for potential future cooperation, including possible use of the U. S. Export-Import Bank to underwrite large projects and offset financial risks for investors. Such mechanisms, energy officials said, could make lengthy projects more palatable, though executives insist that clarity on legal protections and contract enforceability is essential before any major capital deployment.
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