President Donald Trump is urging U.S. oil companies to invest at least $100 billion in Venezuela—but industry leaders are pushing back hard. During a White House meeting Friday, executives from top firms acknowledged Venezuela’s vast oil reserves but called the country “uninvestable” in its current state.
The push follows the U.S. military’s January 3 raid that removed President Nicolás Maduro from power. Trump now claims Washington will directly control Venezuela’s oil sector. “You’re dealing with us—not Venezuela,” he told executives. He also promised lower global energy prices as a result.
However, oil bosses remained cautious. Exxon CEO Darren Woods noted his company had its assets seized twice in Venezuela. “To re-enter a third time would require significant changes,” he said. “Today, it’s uninvestable.”
Chevron is the only major U.S. oil firm still operating there, producing about 20% of Venezuela’s current output—roughly 1 million barrels per day, or less than 1% of global supply. Other attendees included Spain’s Repsol and Italy’s Eni, both of which have limited operations in the country.
Repsol said it could triple production under the right conditions. Smaller firms also expressed interest. “In real estate terms, it’s prime real estate,” said Bill Armstrong of an independent driller. Yet no one committed funds on the spot.
Why the hesitation? Analysts say Venezuela lacks three essentials: physical security, legal certainty, and a competitive fiscal framework. “They’re being polite—but not writing checks,” said David Goldwyn, former U.S. energy envoy.
Moreover, meaningful production growth would take years. Rystad Energy estimates Venezuela needs $8–9 billion in annual investment just to triple output by 2040. Trump’s $100 billion figure is “fantastical” without massive subsidies and political stability.
The U.S. is already seizing tankers carrying sanctioned Venezuelan crude. Officials plan to sell the oil and deposit proceeds into U.S.-controlled accounts. They’re also working with interim leader Delcy Rodríguez—Maduro’s former vice president—but insist on maintaining leverage over her government.
Still, experts warn Americans shouldn’t expect cheaper gas soon. “Big commitments won’t come until Venezuela has a fully stabilized political situation,” said Claudio Galimberti, chief economist at Rystad Energy. “And that’s anybody’s guess.”
In short, while the Venezuela oil investment opportunity is real, the risks remain too high for major players. Without concrete reforms—and lasting peace—the $100 billion vision may stay just that: a vision.
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