Trump Signals Major U.S.-Backed Push to Revive Venezuela’s Oil Industry
President Donald Trump met privately at the White House on Friday with senior executives from major U.S. oil and energy companies to outline plans for a large-scale return to Venezuela’s energy sector, following Washington’s recent move to remove President Nicolás Maduro from power.
Among those attending the meeting were top leaders from Exxon, ConocoPhillips, and Chevron, alongside executives from Halliburton, Valero, Marathon, and other major firms. According to Trump, U.S. oil companies could invest at least $100 billion to rebuild Venezuela’s long-dormant oil industry, with Washington offering security guarantees to protect those investments.
“The United States will make sure these companies are protected, that they get their money back, and that they earn strong returns,” Trump said, adding that lower global energy prices would be one of the benefits for American consumers.
Trump said the U.S. government will play a direct role in determining which companies are allowed to operate in Venezuela and will negotiate agreements with selected firms in the coming days. The meeting was initiated by the White House, according to industry sources, rather than by oil executives themselves.
Vast Reserves, Crumbling Infrastructure
Venezuela holds the world’s largest proven crude oil reserves—estimated at more than 300 billion barrels, roughly 17% of global supply—according to U.S. government data. However, years of mismanagement, sanctions, and political instability have left the sector in disrepair.
Oil production has collapsed from roughly 3.5 million barrels per day in the 1990s to about 800,000 barrels per day today. Industry analysts estimate that restoring output to 3 million barrels per day could require more than $180 billion in investment over the next 15 years.
Chevron’s Role and U.S. Strategy
Chevron is currently the only major U.S. oil company operating in Venezuela, through a joint venture with the state oil firm PDVSA. U.S. Energy Secretary Chris Wright said the administration is working closely with Chevron to expand its operations under the new political framework.
“Chevron already has boots on the ground, which gives us valuable insight,” Wright said, adding that modest capital investments could boost production significantly in the near term.
The administration believes early gains can be achieved without massive upfront spending, while longer-term development would require broader participation from global oil majors.
Skepticism From Oil Giants
Despite the administration’s optimism, executives from Exxon and ConocoPhillips remain cautious. Both companies exited Venezuela after their assets were nationalized under former President Hugo Chávez and still hold unresolved arbitration claims worth billions.
Exxon CEO Darren Woods said returning to Venezuela would require “substantial changes” to ensure legal and financial protections that were absent in the past. Treasury Secretary Scott Bessent acknowledged that large multinational firms remain hesitant, while smaller independent producers have shown stronger interest.
“The big companies move carefully,” Bessent said. “But independent operators and private investors are eager to get started.”
Using Oil as Leverage
As part of its strategy, the Trump administration has taken control of Venezuela’s oil exports. Tens of millions of barrels will be shipped to the U.S., sold by American authorities, and held in U.S.-managed accounts, according to Wright.
Officials say the revenue will be used to stabilize Venezuela’s economy and fund essential imports, including food, medicine, and infrastructure equipment. Trump said proceeds from oil sales would be used exclusively to purchase American-made products.
“This isn’t about stealing oil,” Wright said. “It’s about ensuring transparency and using Venezuela’s resources to support recovery.”
An Uncertain Path Forward
While the administration is pressing ahead with its plan, analysts say success will depend on whether Washington can offer long-term political stability and legal protections strong enough to convince cautious oil majors to return.
Without sustained reforms in Caracas, many energy companies may remain on the sidelines despite Venezuela’s vast reserves. Still, the White House believes oil-led recovery could serve as the cornerstone of Venezuela’s economic rebuilding—and a new chapter in U.S. energy diplomacy.