Trump to meet US oil chiefs, press for Venezuela investment

President Donald Trump’s long-signalled idea of bringing Venezuela’s oil industry back under US influence is now running up against reality — from the immense, decade-long investment needed to rebuild near-collapsed infrastructure, to the wider questions of political stability and Venezuela’s new government.

Multiple news outlets report that one issue Trump and his team are accelerating is persuading and pressing major US oil companies to invest in Venezuela.

Reuters, citing sources familiar with the matter, reported that the Trump administration is planning to meet US oil executives later this week to discuss ways to raise Venezuela’s oil output, after US forces toppled Venezuelan leader Nicolás Maduro over the weekend.

The meeting is seen as key to the administration’s ambition to draw major US oil firms back into the country, which holds the world’s largest proven crude reserves. Venezuela nationalised its energy sector almost 20 years ago, and many of the companies whose assets were seized were American.

However, four sources in the energy industry said the three largest US oil companies — Exxon Mobil, ConocoPhillips and Chevron — have not held any talks with the Trump administration about Maduro’s removal. 

That appears to conflict with Trump’s claim over the weekend that he had met all US oil companies both before and after Maduro’s detention.

“So far, no one at those three companies has spoken with the White House about operations in Venezuela, either before or after the leader was removed,” one source said on Monday.

The planned talks are central to the Trump administration’s hopes of increasing Venezuelan crude production and exports. Venezuela, a former Opec member, holds the world’s largest reserves and produces heavy crude that can be processed by specialised refineries on the US Gulf Coast.

Analysts say reaching the administration’s goals would take years and require billions — potentially up to hundreds of billions — of US dollars.

It remains unclear which executives will attend and whether the oil companies will meet the administration individually or as a group. The White House declined to comment, but said it believed the US oil industry was ready to operate in 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,” White House spokesperson Taylor Rogers said.

Exxon, Chevron and ConocoPhillips did not immediately respond to requests for comment.

Trump weighs compensation to lure oil giants

In a recent special interview with NBC News, Trump said the US government could compensate oil companies for the costs of rebuilding Venezuela’s oil infrastructure. Large US oil firms could be reimbursed either by the US government or through revenue generated.

Trump said he believed the US oil industry could scale up operations in Venezuela and get it back up and running in less than 18 months.

"I think we can do it in less time than that, but it'll be a lot of money," Trump told NBC News on Monday. "A tremendous amount of money will have to be spent and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue."

Whether the Trump administration ultimately agrees to reimburse investment costs — or decides future revenues are sufficient — is expected to be a key factor in how US oil companies weigh their options.

Trump argues that tapping Venezuela’s reserves would “bring oil prices down”, even though petrol prices are already at multi-year lows. Average US retail petrol was US$2.81 a gallon on Monday, according to the American Automobile Association, the lowest since March 2021. Cheaper oil, however, also means lower revenue for major oil producers.

"Having a Venezuela that's an oil producer is good for the United States because it keeps the price of oil down," Trump said.

Political pressure builds

POLITICO reported that senior Trump administration officials — led by Energy Secretary Chris Wright and Interior Secretary Doug Burgum — are arranging their first formal calls with oil CEOs to press them on investing in Venezuela, after months of informal discussions within the energy sector.

Even so, oil executives remain cautious about investing in a socialist-run country that has just gone through political upheaval following the US operation to arrest Maduro and his wife. The industry debate now centres on what incentives would be sufficient to bring companies back.

Two industry sources said options could include US government-backed guarantees on payments and security, or the creation of public–private joint ventures.

While companies may not yet have a clear view of what terms would be enough, Trump’s political push is difficult to ignore.

“Most of the big companies have been thinking about this for some time. All the major players are likely taking it seriously,” a former senior government official said. “It’s a very powerful form of pressure when the US president says, ‘I want you to do this.’”