President Donald Trump told a group of leading oil executives on that U.S. and European companies could invest at least $100 billion in Venezuela to rapidly restore the country’s struggling oil industry and generate substantial returns.
During the White House meeting, Trump framed the proposal as an opportunity to revitalize Venezuela’s production while securing American energy interests. “We have to get [oil companies] to invest, and we have to get their money back as quickly as we can, and then we can divvy it all up between Venezuela and the United States and them,” he said.
Industry leaders, however, expressed strong reservations about the plan. ExxonMobil Chairman and CEO Darren Woods described Venezuela as “uninvestable” under current conditions, citing the need for durable investment protections, a credible legal system, and stable commercial terms before companies could responsibly deploy large-scale capital. Exxon has had assets seized in Venezuela twice, most recently during the 2007 expropriations, and Woods emphasized that any third attempt would require major, sustained reforms.
Chevron Vice Chairman Mark Nelson outlined a more limited “phase one” scenario in which the company could increase production by about 50% over two years, relying on its existing infrastructure and operating partnership with the Venezuelan state company PDVSA. However, analysts note that even a substantial rebound would remain well below Venezuela’s historical peak of roughly 4 million barrels per day; current production is just under 1 million barrels per day.
ConocoPhillips CEO Ryan Lance emphasized the need for broader structural reforms, potentially including a full restructuring of PDVSA, before significant investment could proceed. “As we think big and bold, we need to be also thinking about even restructuring the entire Venezuelan energy system, including PDVSA,” he said. Conoco’s past write-offs in Venezuela are valued at approximately $12 billion, and Trump indicated companies would begin with a “clean slate” and would not be reimbursed for prior losses.
European oil majors and service companies, including Italy’s Eni, Spain’s Repsol, Halliburton, and SLB, indicated potential interest in Venezuelan projects, though executives tempered expectations amid ongoing political and operational risks. Dan Pickering, founder of Pickering Energy Partners, characterized much of the discussion as “cheerleading” and noted that while interest in Venezuela exists, concrete commitments remain unclear.
Trump also discussed plans for the U.S. to import at least 30 million barrels of Venezuelan crude to the Gulf Coast, with proceeds largely contingent on Venezuelan government cooperation. Several refiners, including Valero Energy and Marathon Petroleum, said they could handle additional Venezuelan barrels.
The meeting underscores a tension between the White House’s push for rapid energy-sector gains and the industry’s cautious approach, reflecting Venezuela’s complex political landscape and history of asset expropriation. While Trump emphasized the potential benefits of renewed investment, executives consistently highlighted the need for legal, commercial, and security reforms before committing significant capital.
