(qlmbusinessnews.com . Sat 10th Jan, 2026) London, UK —
US Oil Giants Hesitate on Trump's Venezuelan Oil Wealth Unlock Plan Amid Calls for Reform
UK President Donald Trump has called for a substantial investment of at least $100bn (£75bn) into Venezuela's oil industry, but his appeal has met with a tepid reception at the White House, with an industry leader declaring the South American nation as currently “un-investable.”
Leaders from America's top oil corporations gathered at the meeting recognised Venezuela's potential, given its extensive oil reserves. However, they emphasised that substantial reforms are necessary for the country to become a viable investment destination, leading to no immediate pledges of significant financial commitment.
Trump has announced his plans to unlock Venezuela's oil wealth following the detention of its leader, Nicolas Maduro, in a raid on its capital on January 3. “One of the benefits for the United States will be even lower energy prices,” Trump remarked during the Friday meeting at the White House.
Yet, executives from the oil industry aired their concerns. Darren Woods, the CEO of Exxon, commented, “Having had our assets seized there twice already, you can understand that re-entering would demand significant changes to what we've seen in the past and what the current situation is.”
“Right now, it's uninvestable,” he stated.
Venezuela's relationship with international oil companies has been fraught since oil was first discovered there over a century ago. Chevron remains the sole significant American oil company still operating within the country, while a few firms from other nations, including Spain's Repsol and Italy's Eni (both present at the White House meeting), maintain activity there.
Trump asserted his administration would determine which companies are permitted to operate. “You'll be dealing directly with us, not with Venezuela. We don't want you dealing with Venezuela,” he told them.
The White House has announced its intention to “selectively” ease US sanctions that have hampered the sale of Venezuelan oil, collaborating with interim authorities in Venezuela, currently led by Maduro's ex-deputy, Vice-President Delcy Rodríguez. Nonetheless, the US aims to exercise control over oil sales to exert influence over Rodríguez's government.
This week, the US has confiscated several oil tankers loaded with sanctioned crude, outlining plans to establish a sales mechanism that channels proceeds into US-monitored accounts. “We are open for business,” declared Trump.
Venezuela's oil output has suffered due to years of underinvestment and mismanagement, further hampered by US sanctions. Producing approximately one million barrels per day, it accounts for less than 1% of the global supply.
Chevron expects to enhance its production, capitalising on its established presence, while Exxon plans to dispatch a technical team shortly to evaluate the situation. Repsol envisions the possibility of tripling its production, subject to favourable conditions.
Other company executives also indicated optimism encouraged by Trump's proposed changes, eyeing investment opportunities. “In terms of real estate, it's prime real estate,” said Bill Armstrong, leader of an independent oil and gas drilling company.
However, analysts caution that significantly expanding production would require considerable effort. David Goldwyn, president of Goldwyn Global Strategies and former special envoy for international energy affairs at the US State Department, noted the polite but non-committal stance of the industry, highlighting the necessity of physical security, legal certainty, and a competitive fiscal framework for substantial investment.
Despite Trump's ambitious $100bn investment suggestion, analysts like Claudio Galimberti, chief economist at Rystad Energy, argue that achieving such investment levels would necessitate political stability and possibly subsidies.
In conclusion, while the promise of huge investment into Venezuela's oil sector could transform production, the political and economic landscape's uncertainties make significant commitments unlikely in the immediate future.
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