Donald Trump has assured global oil companies of “total safety and total security” in Venezuela as he pushed them to invest billions of dollars in rebuilding the country’s oil industry. The promise was made days after US forces removed President Nicolás Maduro from power.
Speaking at a White House roundtable with top oil executives, including leaders from Chevron, ExxonMobil and ConocoPhillips, Trump said Venezuela now offers a rare opportunity for American energy companies. He claimed the country’s vast oil reserves could help boost production and bring down global oil prices.
“We’re going to be extracting oil like few people have ever seen,” Trump said, adding that lower energy prices would benefit US consumers. He said Venezuela would prosper again, while the US would gain from cheaper fuel.
Trump made it clear that the proposed investment—estimated at around $100 billion—would come from oil companies, not the US government. “They don’t need government money,” he said. “They need government protection and government security—and that’s what they’ll get.”
Earlier this week, Trump had hinted that US taxpayers could help fund investments, but he walked back that idea. He also warned executives that if they were unwilling to invest, others were ready to step in. “I’ve got 25 people who are willing to take your place,” he said.
Oil executives broadly welcomed the assurances but remained cautious. Analysts have questioned Trump’s claim that Venezuelan oil output could rise sharply within 18 months, given the poor state of infrastructure and legal uncertainty.
Chevron vice-chair Mark Nelson said the company, which already operates in Venezuela, was committed to helping rebuild the sector. Chevron currently employs about 3,000 people through joint ventures and could double its oil output from those projects almost immediately, he said.
ExxonMobil chief executive Darren Woods was more guarded. He described Venezuela as “uninvestable” at present and said major legal and commercial changes were needed before large investments could return. However, he added that such reforms were possible under the Trump administration’s backing.
ConocoPhillips CEO Ryan Lance also struck a cautious tone, saying Venezuela had an opportunity to quickly restore what was lost over the past 25 years. He noted that Venezuela owes the company about $12 billion, though Trump suggested past losses would not be revisited.
Venezuela holds the world’s largest proven oil reserves, but production has collapsed over the past two decades due to state control, underinvestment and ageing infrastructure. While Trump is optimistic about a rapid turnaround, many experts warn that rebuilding the sector will take time, even with strong political backing.
