US President Donald Trump has promised American oil companies “total safety and total security” in a bid to attract up to $100bn in private investment into Venezuela’s oil infrastructure following the removal of Nicolás Maduro from power.
Speaking at a White House roundtable with senior executives from major oil companies, including Chevron, ExxonMobil and ConocoPhillips, Trump said Venezuela now presents a major opportunity for US energy firms, provided the government ensures protection and stability. He stressed that the funding would come from oil companies themselves, not US taxpayers, but added that government backing would be crucial to safeguard operations.
Several executives indicated cautious readiness to invest, while noting that major legal, political and commercial reforms would be required. ExxonMobil’s CEO described Venezuela as “uninvestable” under current conditions but said changes could make reinvestment possible. ConocoPhillips echoed similar optimism, highlighting the chance to rapidly restore lost production capacity, while also noting Venezuela’s outstanding debt to the company.
Chevron, currently the only US major exporting Venezuelan oil, said it could immediately double output from its joint ventures in the country. Trump suggested that companies unwilling to participate could be replaced by others eager to invest.
Venezuela holds the world’s largest proven oil reserves, but production has collapsed over the past two decades due to aging infrastructure, reduced investment and increased state control of the industry. The Trump administration has signaled strong support for reopening the sector to US companies, arguing that increased production could lower global energy prices and benefit American consumers.
Analysts remain skeptical about the speed and scale of investment, citing ongoing risks and the broader global oil surplus.
