What the Big Oil executives told Trump about investing in Venezuela
In a meeting at the White House on Friday, leading U.S. oil executives expressed significant reservations about rapidly reinvesting in Venezuela's energy sector, despite President Donald Trump's pledge of $100 billion in industry investment backed by U.S. security guarantees.
The CEOs of ExxonMobil and ConocoPhillips, whose assets were seized by Venezuela in 2007, highlighted the need for profound legal and structural reforms before considering a return. "If we look at the legal and commercial constructs and frameworks in place today in Venezuela—today, it’s uninvestable," Exxon CEO Darren Woods told President Trump. He stated that re-entering the country would require "pretty significant changes," though Exxon is prepared to send a technical team for an evaluation.
ConocoPhillips CEO Ryan Lance congratulated Trump on the ousting of former President Nicolás Maduro but emphasized the scale of the challenge. He called for a restructuring of the state-owned oil company PDVSA and noted that the banking sector must help resolve Venezuela's debt and finance infrastructure rebuilding.
President Trump, however, indicated that the U.S. would not focus on recovering assets lost in past nationalizations. "We’re not going to look at what people lost in the past... You’re going to make a lot of money, but we’re not going to go back," he told the executives.
Chevron, the sole U.S. major currently operating in Venezuela through PDVSA joint ventures, presented a more immediate plan. Vice Chairman Mark Nelson stated the company could double its current liftings "essentially immediately" and increase production by 50% within the next 18 to 24 months under its own investment framework.
The caution from large corporations contrasts with reported interest from smaller, independent oil firms. Treasury Secretary Scott Bessent noted Thursday that while big oil companies "move slowly," independent operators and "wildcatters" are eager to enter the Venezuelan market.
The meeting underscored the complex reality facing efforts to rebuild Venezuela's crippled oil industry: while political will and potential capital exist, major investors demand concrete legal protections and systemic reforms before committing significant funds.
