WASHINGTON: The Trump administration is preparing to engage top executives from major U.S. oil companies in discussions aimed at reviving Venezuela’s oil sector, following the U.S. military operation that led to the capture of President Nicolás Maduro.
The move signals Washington’s intent to reinsert American energy firms into a country with the world’s largest proven oil reserves, even as analysts warn that political uncertainty, sanctions, and decades of underinvestment could complicate any rapid production boost, according to sources familiar with the matter.
The three largest US oil firms — Exxon Mobil, ConocoPhillips, and Chevron — have yet to hold formal conversations with the White House regarding Maduro’s removal, contradicting Trump’s weekend assertions that he had already met with “all” major US oil companies before and after the operation, according to Reuters.
“Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point,” said one industry source on Monday.
The upcoming meetings aim to explore avenues for boosting crude production and exports from Venezuela, home to the world’s largest proven oil reserves and compatible with US refinery infrastructure. Analysts warn that achieving meaningful production increases will require years of work and billions of dollars in investment.
Details about which executives will attend the meetings, and whether the discussions will be held individually or collectively, remain unclear. The White House declined to comment on the specifics but said it believes the US oil industry is ready to re-enter 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 told NBC News that the US may subsidize oil companies to help rebuild Venezuela’s energy infrastructure. He also clarified that no companies were briefed about the military operation in advance, stating, “The oil companies were absolutely aware that we were thinking about doing something, but we didn’t tell them we were going to do it.”
CBS News, citing an unnamed source, reported that executives from the three companies are expected to meet on Thursday with Energy Secretary Chris Wright.
However, an industry official noted that the companies are unlikely to discuss potential Venezuelan operations collectively due to antitrust restrictions, which prevent competitors from coordinating on investment and production strategies.
The US raid on Venezuela’s capital on Saturday resulted in Maduro’s arrest and transfer to the United States to face narcoterrorism charges.
Trump has since expressed expectations that major US oil companies will invest billions of dollars to restore Venezuela’s production, which has fallen to roughly a third of its peak due to sanctions and underinvestment.
However, analysts warn that structural challenges — including outdated infrastructure, legal uncertainty, and the country’s volatile political climate — will complicate these efforts.
Chevron is currently the only major US company operating in Venezuela, while Exxon and ConocoPhillips are still pursuing compensation claims for expropriated projects during Hugo Chávez’s presidency.
“I don’t think you’re going to see any company other than Chevron, who’s already there, commit to developing this resource,” said one unnamed oil executive.
Chevron, which exports approximately 150,000 barrels of crude daily from Venezuela to the US Gulf Coast, has navigated a careful path with the Trump administration to maintain its presence in the country. Meanwhile, investors have reacted optimistically to the US-led operation, anticipating renewed access to Venezuela’s vast oil reserves.
Despite these developments, Trump confirmed that the US oil embargo on Venezuela remains fully in effect. Market reactions were immediate: the S&P 500 energy index reached its highest level since March 2025, with Exxon Mobil shares rising 2.2 percent and Chevron climbing 5.1 percent.
