President Donald Trump’s ambitious plan to mobilize $100 billion in oil investments for Venezuela following the ouster of Nicolás Maduro has encountered significant industry resistance during a White House meeting with major energy executives. Despite Trump’s portrayal of Venezuela as an unparalleled energy opportunity, industry leaders expressed deep reservations about the country’s current investability.
Executives from Exxon, Chevron, and other major firms acknowledged Venezuela’s substantial oil reserves but highlighted the substantial risks involved. Exxon CEO Darren Woods emphasized the company’s historical difficulties, noting they had assets seized twice previously and would require “pretty significant changes” before considering re-entry. The consensus among industry leaders was that Venezuela remains “uninvestable” in its current state.
Trump’s administration is implementing a comprehensive strategy to control Venezuela’s oil revenue, including selective sanctions relief and establishing US-controlled accounts for oil proceeds. The President signed an executive order prohibiting US courts from seizing Venezuelan oil revenue held in American Treasury accounts, framing it as essential for maintaining foreign policy leverage and ensuring stability.
While Chevron, the last major US operator in Venezuela, plans to increase production from its existing operations, and companies like Repsol envision tripling output under favorable conditions, analysts caution that meaningful investment requires political stability, legal certainty, and physical security that currently don’t exist. Energy experts estimate that substantial production increases would require sustained annual investments of $8-9 billion, far from the immediate large-scale commitments Trump seeks.