In a significant geopolitical development, former US President Donald Trump has revealed that global energy giants committed to investing $100 billion to revitalize Venezuela’s crippled oil industry. The announcement came ahead of a high-stakes meeting at the White House with executives from major petroleum corporations, including Exxon Mobil, Chevron, and ConocoPhillips.
This monumental investment pledge follows the dramatic military operation on January 3rd that resulted in the capture of Venezuelan leader Nicolas Maduro. The Trump administration has openly acknowledged that securing control over Venezuela’s substantial oil reserves—approximately one-fifth of global deposits—was a primary objective behind the intervention.
Despite Venezuela’s vast energy resources, the country’s oil output has plummeted to merely one percent of worldwide production due to years of sanctions, underinvestment, and infrastructure decay. The Trump administration now positions itself as overseeing Venezuela’s energy sector, with Energy Secretary Chris Wright asserting indefinite US control over the industry.
Interim President Delcy Rodriguez, previously Maduro’s deputy, maintains that her government remains functional, though state oil representatives confirm ongoing negotiations with American officials. Trump claims his administration canceled additional military actions against Venezuela due to emerging cooperation, including the release of political prisoners and collaborative efforts to rebuild energy infrastructure.
The investment proposition faces substantial challenges, including governance uncertainty, security concerns, and the technical difficulties of processing Venezuela’s viscous crude. The US Department of Energy plans to facilitate the process by shipping light oil for blending and authorizing equipment exports to upgrade Venezuelan facilities.
While Chevron maintains existing operational rights in Venezuela, Exxon Mobil and ConocoPhillips exited the country in 2007 after refusing demands to cede majority control to the government. The Trump administration now promises selective sanctions relief and long-term support for US energy companies seeking to reestablish presence in the resource-rich nation.