Politics

Trump urges oil executives to invest in Venezuela; industry leaders signal caution

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Jan 10, 2026

THE BARE STORY

President Donald Trump met with executives from major U.S. energy companies at the White House on Friday to discuss revitalizing Venezuela’s oil industry following the recent capture of former Venezuelan President Nicolás Maduro. While the administration touted a potential $100 billion investment to rebuild the sector, the meeting concluded without firm financial pledges from the companies, with some executives citing significant legal and commercial barriers to returning.

During the televised session, President Trump encouraged firms such as Exxon Mobil, Chevron, and ConocoPhillips to help restore Venezuela's energy infrastructure, framing the initiative as a way to recover assets he said were "stolen" during past nationalizations. The President asserted that U.S. producers were prepared to spend heavily and promised "total safety" for operations, though he clarified that security would be provided by the companies and Venezuela rather than U.S. troops. Energy Secretary Chris Wright later explained that the $100 billion figure mentioned by Trump was an estimate of the sector's reconstruction costs, not a confirmed commitment from the private sector.

Executives expressed varying degrees of interest but emphasized the need for stability before committing capital. Exxon Mobil CEO Darren Woods described Venezuela as "uninvestable" under its current frameworks, stating that significant changes to legal and commercial structures were required. Chevron, which currently operates in the country, indicated it could increase production by 50 percent over the next 18 to 24 months but did not offer a specific dollar amount. While executives from Shell and Hilcorp Energy expressed readiness to invest, the industry largely signaled that clear contracts and the rule of law are prerequisites for their return.

The administration’s push seeks to reverse a steep decline in Venezuela’s oil output, which has fallen from over 3 million barrels per day in the early 2000s to approximately 1 million today. The drop followed the nationalization of the energy sector under former leader Hugo Chávez in 2007, which resulted in the seizure of foreign assets and billions of dollars in subsequent arbitration claims. Secretary of State Marco Rubio recently announced plans to export 30 to 50 million barrels of Venezuelan oil, with White House Press Secretary Karoline Leavitt stating that the country’s interim government had agreed to the release.

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• Significant barriers to immediate financial commitment Despite the administration's encouragement, the meeting concluded without firm financial pledges from the energy companies. Executives emphasized the existence of substantial legal and commercial obstacles, with Exxon Mobil CEO Darren Woods explicitly describing Venezuela as "uninvestable" under its current frameworks.

• The necessity of legal stability and clear contracts While some interest was expressed, industry leaders largely signaled that the rule of law and stable commercial structures are prerequisites for their return. Companies like Shell and Hilcorp Energy indicated a readiness to invest, but only if clear contracts and necessary changes to legal structures are established first.

• Cautious optimism regarding future production potential Chevron, which currently operates in Venezuela, indicated it could potentially increase production by 50 percent over the next 18 to 24 months. However, the company did not offer a specific dollar amount for investment, reflecting a broader industry trend of prioritizing stability before committing capital to the region.

How it may affect me

As a U.S. reader: The announced export of 30 to 50 million barrels of Venezuelan oil could eventually impact global energy supply levels as the administration seeks to reverse production declines.

Shareholders in U.S. firms like Chevron and Exxon Mobil may face exposure to new risks and opportunities as executives weigh heavy investments against legal and security concerns.

The President clarified that U.S. troops will not be deployed to protect energy operations, leaving security responsibilities to private companies and the Venezuelan government.

A potential $100 billion reconstruction of Venezuela’s energy sector remains uncertain, as industry leaders require stable contracts and legal frameworks before committing capital to the region.

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