Trump administration meets oil giants to boost Venezuelan oil production
TOI GLOBAL DESK | TOI GLOBAL | Jan 06, 2026, 19:33 IST
This week, leaders of America's major oil corporations will convene with the Trump administration to discuss revitalizing oil production in Venezuela, which has the largest reserves in the world. Following the ousting of Nicolas Maduro, there is optimism about re-entering the Venezuelan market after a two-decade hiatus, but substantial investments will be required to restore output levels.
The Trump administration is planning to meet with U.S. oil company executives this week to discuss increasing Venezuelan oil production following the ousting of Nicolas Maduro, despite initial claims by executives that they had not been consulted. These meetings are seen as critical for the administration's goal of re-engaging major U.S. oil firms in Venezuela after their operations were nationalized nearly two decades ago. While President Trump stated he had already met with all U.S. oil companies, executives from Exxon Mobil, ConocoPhillips, and Chevron indicated no such conversations had occurred regarding Maduro's removal. Analysts suggest that significant investment and time will be required to boost Venezuela's oil output, which sits atop the world's largest reserves.
The administration's push to involve U.S. oil companies in Venezuela comes after U.S. forces arrested Maduro, who faces narcoterrorism charges in the United States. President Trump has expressed expectations that major U.S. oil companies will invest billions to enhance Venezuela's oil production, which has fallen significantly due to underinvestment and sanctions. However, industry analysts point to a lack of infrastructure and considerable uncertainty regarding Venezuela's political future, legal framework, and long-term U.S. policy as potential hindrances to these plans.
"Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point," one source familiar with the matter stated on Monday.
The upcoming meetings are crucial for the administration's objective of increasing crude oil production and exports from Venezuela. This nation, formerly a member of OPEC, possesses the world's largest oil reserves, and its crude can be processed by specialized U.S. refineries. Achieving this goal, however, will necessitate years of effort and billions of dollars in investment, according to analysts.
It remains unclear which executives will attend the upcoming meetings, or if the oil companies will be represented individually or as a group. The White House did not offer comment on the meetings but conveyed its belief that the U.S. oil industry is prepared to enter Venezuela.
"All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime," said White House spokesperson Taylor Rogers.
Exxon, Chevron, and ConocoPhillips did not immediately respond to requests for comment.
President Trump indicated that the U.S. might provide subsidies to oil companies to assist them in rebuilding Venezuela's energy infrastructure.
When asked if the administration had briefed any oil companies prior to the military operation, Trump responded, "No. But we’ve been talking to the concept of, 'what if we did it?'"
"The oil companies were absolutely aware that we were thinking about doing something," Trump told NBC News. "But we didn’t tell them we were going to do it."
He also stated to NBC News that it was "too soon" to confirm if he had personally spoken with top executives from the three major companies.
"I speak to everybody," Trump said.
CBS News, citing an unnamed source, reported that executives from the three companies were expected to meet with Energy Secretary Chris Wright on Thursday.
One oil industry executive informed Reuters that the companies would likely be hesitant to discuss potential operations in Venezuela in group settings with the White House. This reluctance stems from antitrust concerns that restrict competitors from engaging in collective discussions about investment plans, timing, and production levels.
U.S. forces conducted a swift raid on Venezuela's capital on Saturday, arresting Maduro in the early hours of the morning and sending him to the United States to face narcoterrorism charges.
Hours after Maduro's capture, Trump stated his expectation that the largest U.S. oil companies would invest billions of dollars to boost Venezuela's oil production. This production had previously declined to approximately one-third of its peak over the past two decades due to underinvestment and sanctions.
However, industry analysts suggest that these plans could be hampered by a lack of infrastructure, as well as significant uncertainty surrounding the country's political future, its legal framework, and the long-term policy of the United States.
Chevron is currently the only major American oil company operating in Venezuela's oil fields. Exxon and ConocoPhillips, on the other hand, had substantial histories in the country before their projects were nationalized by former President Hugo Chavez.
"I don't think you're going to see any company other than Chevron, who's already there, you know, commit to developing this resource," said one oil industry executive, who requested anonymity when discussing the matter.
Conoco has been pursuing billions of dollars in restitution for the seizure of three oil projects in Venezuela under Chavez. Exxon was involved in lengthy arbitration proceedings against Venezuela after its departure from the country in 2007.
Chevron, which currently exports around 150,000 barrels of crude oil per day from Venezuela to the U.S. Gulf Coast, has had to navigate carefully with the Trump administration in recent years to maintain its presence in the country.
Investors reacted with optimism, anticipating that Washington's actions against Venezuela's leadership would grant U.S. firms access to the nation's oil reserves. President Trump confirmed that a U.S. embargo on Venezuelan oil remained in full effect.
The S&P 500 energy index reached its highest point since March 2025, with significant companies like Exxon Mobil rising by 2.2% and Chevron experiencing a jump of 5.1%.
The administration's push to involve U.S. oil companies in Venezuela comes after U.S. forces arrested Maduro, who faces narcoterrorism charges in the United States. President Trump has expressed expectations that major U.S. oil companies will invest billions to enhance Venezuela's oil production, which has fallen significantly due to underinvestment and sanctions. However, industry analysts point to a lack of infrastructure and considerable uncertainty regarding Venezuela's political future, legal framework, and long-term U.S. policy as potential hindrances to these plans.
"Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point," one source familiar with the matter stated on Monday.
The upcoming meetings are crucial for the administration's objective of increasing crude oil production and exports from Venezuela. This nation, formerly a member of OPEC, possesses the world's largest oil reserves, and its crude can be processed by specialized U.S. refineries. Achieving this goal, however, will necessitate years of effort and billions of dollars in investment, according to analysts.
It remains unclear which executives will attend the upcoming meetings, or if the oil companies will be represented individually or as a group. The White House did not offer comment on the meetings but conveyed its belief that the U.S. oil industry is prepared to enter Venezuela.
"All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime," said White House spokesperson Taylor Rogers.
Exxon, Chevron, and ConocoPhillips did not immediately respond to requests for comment.
President Trump indicated that the U.S. might provide subsidies to oil companies to assist them in rebuilding Venezuela's energy infrastructure.
When asked if the administration had briefed any oil companies prior to the military operation, Trump responded, "No. But we’ve been talking to the concept of, 'what if we did it?'"
"The oil companies were absolutely aware that we were thinking about doing something," Trump told NBC News. "But we didn’t tell them we were going to do it."
He also stated to NBC News that it was "too soon" to confirm if he had personally spoken with top executives from the three major companies.
"I speak to everybody," Trump said.
CBS News, citing an unnamed source, reported that executives from the three companies were expected to meet with Energy Secretary Chris Wright on Thursday.
One oil industry executive informed Reuters that the companies would likely be hesitant to discuss potential operations in Venezuela in group settings with the White House. This reluctance stems from antitrust concerns that restrict competitors from engaging in collective discussions about investment plans, timing, and production levels.
U.S. forces conducted a swift raid on Venezuela's capital on Saturday, arresting Maduro in the early hours of the morning and sending him to the United States to face narcoterrorism charges.
Hours after Maduro's capture, Trump stated his expectation that the largest U.S. oil companies would invest billions of dollars to boost Venezuela's oil production. This production had previously declined to approximately one-third of its peak over the past two decades due to underinvestment and sanctions.
However, industry analysts suggest that these plans could be hampered by a lack of infrastructure, as well as significant uncertainty surrounding the country's political future, its legal framework, and the long-term policy of the United States.
Chevron is currently the only major American oil company operating in Venezuela's oil fields. Exxon and ConocoPhillips, on the other hand, had substantial histories in the country before their projects were nationalized by former President Hugo Chavez.
"I don't think you're going to see any company other than Chevron, who's already there, you know, commit to developing this resource," said one oil industry executive, who requested anonymity when discussing the matter.
Conoco has been pursuing billions of dollars in restitution for the seizure of three oil projects in Venezuela under Chavez. Exxon was involved in lengthy arbitration proceedings against Venezuela after its departure from the country in 2007.
Chevron, which currently exports around 150,000 barrels of crude oil per day from Venezuela to the U.S. Gulf Coast, has had to navigate carefully with the Trump administration in recent years to maintain its presence in the country.
Investors reacted with optimism, anticipating that Washington's actions against Venezuela's leadership would grant U.S. firms access to the nation's oil reserves. President Trump confirmed that a U.S. embargo on Venezuelan oil remained in full effect.
The S&P 500 energy index reached its highest point since March 2025, with significant companies like Exxon Mobil rising by 2.2% and Chevron experiencing a jump of 5.1%.