Oil Executives Resist Push by Trump to Invest in Venezuela

President Trump urged major U.S. and European oil companies on Friday to commit at least $100 billion to rebuild and expand Venezuela’s energy sector, but executives at a White House meeting stopped short of making such pledges.

The meeting included leaders from 17 energy companies, among them Chevron, Exxon Mobil, and ConocoPhillips. Trump emphasized that his administration wants private companies to lead the effort to revive Venezuela’s oil industry, which has suffered years of decline. He said the U.S. government could provide security guarantees but would not offer direct funding, stressing that companies would be investing their own money.

Despite the pitch, large oil producers expressed caution. Exxon Mobil CEO Darren Woods said his company has had assets seized in Venezuela twice and would need major legal and security changes before considering a return. He described the country as “uninvestable” under current conditions, though he said Exxon might send a team to evaluate opportunities if strong and lasting protections are put in place.

Other executives, including oil producer and Trump ally Harold Hamm, acknowledged potential interest but pointed to Venezuela’s political and economic challenges. Chevron, the only major U.S. oil company still operating in the country, said it could increase production there by about 50% over the next two years, but did not commit to a specific investment amount.

Industry analysts estimate that maintaining Venezuela’s oil output at around 1 million barrels per day would cost more than $50 billion over 15 years, while increasing production above 1.4 million barrels per day could require more than $120 billion by 2040.

During the meeting, Trump made it clear that access to Venezuela’s oil sector would depend on cooperation with the U.S. position. “If we make a deal, you will be there a long time,” he said. “If we don’t make a deal, you won’t be there at all.”

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