President Donald Trump convened a meeting on Friday with over a dozen major oil companies at the White House to discuss potential investments in Venezuela, just days after the U.S. moved to oust President Nicolás Maduro. Key industry leaders included Exxon CEO Darren Woods, ConocoPhillips CEO Ryan Lance, and Chevron Vice Chairman Mark Nelson, alongside executives from Halliburton, Valero, and Marathon.
During the meeting, Trump projected that oil companies could invest at least $100 billion to revitalize Venezuela’s beleaguered energy sector. He assured the executives that the U.S. would provide security and protection for their investments, stating, “They get their money back and make a very nice return.” Trump further indicated that the U.S. government would determine which companies could enter the Venezuelan market, hinting at the possibility of a deal being finalized with the companies soon.
The White House labeled the meeting as necessary, according to industry sources, making it clear that the gathering was not initiated by the oil companies. Venezuela boasts the world’s largest proven crude oil reserves, totaling 303 billion barrels, which accounts for about 17% of global reserves, according to the U.S. Energy Information Administration. However, its oil production has plummeted from a high of about 3.5 million barrels per day in the 1990s to a mere 800,000 bpd today, as noted by data from energy consulting firm Kpler. Rystad Energy estimates that over $180 billion will be needed by 2040 to raise production back to 3 million bpd.
Despite the optimism expressed at the meeting, the Trump administration has been notably vague on how it intends to encourage substantial investments in a country known for its history of nationalizing foreign assets. Currently, Chevron is the only U.S. oil company still operating in Venezuela, working through a joint venture with the state oil company, Petróleos de Venezuela (PDVSA). Energy Secretary Chris Wright confirmed that the U.S. is closely collaborating with Chevron, emphasizing the potential for incremental growth in Venezuelan production with small capital investments.
However, Woods and Lance indicated that Exxon and Conoco are hesitant to return to Venezuela without significant assurances. Both companies withdrew from the country after their assets were seized during Hugo Chavez’s presidency in 2007, leaving them with billions in outstanding claims from arbitration cases. “To re-enter a third time would require some pretty significant changes from what we’ve historically seen,” Woods stated.
Wright acknowledged that Venezuela’s debts to Exxon and Conoco would need to be addressed eventually, but he clarified that the immediate priority for the administration is stabilizing Venezuela’s economy through oil sales. He stated, “We’re trying to engineer a transition of Venezuela to a place that Americans want to do business in.”
While major oil companies may be reluctant to invest, Treasury Secretary Scott Bessent highlighted that independent oil companies and smaller investors are eager to engage with Venezuela. He noted that there has been a surge of interest from those “who want to get to Venezuela yesterday.”
To exert pressure on the Maduro government, the U.S. has taken control of Venezuela’s oil exports, with plans to sell tens of millions of barrels and use the proceeds to benefit the Venezuelan population. Trump emphasized that revenue generated from oil sales would be allocated toward purchasing U.S.-made products, aiming to modernize Venezuela’s energy sector and create a strong economic partnership between the two nations. As he put it, “Venezuela is committing to doing business with the United States of America as their principal partner.”
This forecasted collaboration marks a pivotal moment in U.S.-Venezuela relations, highlighting the complex interplay between energy investments and geopolitical strategy.
Original Source: https://www.cnbc.com/2026/01/09/trump-venezuela-oil-executives-white-house-meeting.html
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Publish Date: 2026-01-10 04:49:00
