U.S. President Donald Trump’s proposal to secure $100 billion in private-sector investment to rebuild Venezuela’s oil industry faced skepticism from major energy executives during a White House meeting on Friday, January 9. Despite promises of rapid returns, CEOs from Exxon Mobil, ConocoPhillips, and Chevron declined immediate commitments, citing legal and commercial risks in the politically volatile region.
Exxon Mobil CEO Darren Woods emphasized that Venezuela remains "uninvestible" under current frameworks, requiring significant legal reforms. ConocoPhillips’ Ryan Lance highlighted past losses of $12 billion due to asset nationalization, while Chevron representatives focused on maintaining existing joint ventures rather than expansion.
The meeting followed heightened U.S. intervention in Venezuela, including the January 3 detention of President Nicolas Maduro and the seizure of five oil tankers since late 2025. U.S. Energy Secretary Chris Wright stated that controlling Venezuela’s oil exports is central to driving "changes" in the country, with plans to redirect 30–50 million barrels of sanctioned oil to U.S. markets.
Venezuela’s 303 billion barrels of proven crude reserves—the world’s largest—remain a strategic prize, but executives appear wary of geopolitical uncertainties. The Trump administration has framed its actions as an economic opportunity, though industry leaders remain unconvinced.
