Washington, January 10 – Top executives from America’s leading oil companies gathered at the White House under President Donald Trump’s leadership, dropping strong hints of pumping billions into Venezuela’s battered oil sector. The meeting signals a potential thaw in relations, with firms like Chevron, ExxonMobil, and ConocoPhillips ready to return if security guarantees and political backing from the Trump administration are in place.
Years of U.S. sanctions, crumbling infrastructure, and political turmoil have crippled Venezuela’s once-thriving oil industry. Once a global powerhouse, the country’s production has plummeted due to mismanagement and lack of capital. But industry leaders see vast untapped potential for the long haul.
Chevron Vice President Mark Nelson highlighted his company’s existing footprint. ‘Chevron already operates four joint ventures in Venezuela with 3,000 employees. Daily production has surged from 40,000 to 240,000 barrels, and we can ramp up to full capacity immediately, with further growth in 18-24 months,’ Nelson stated confidently.
ExxonMobil CEO Darren Woods emphasized the need for legal reforms. Venezuela boasts immense reserves, but a hostile business climate deters investment. ‘If called upon, we can deploy technical teams within weeks to assess the fields,’ Woods offered, underscoring readiness to re-engage.
ConocoPhillips head Ryan Lance praised Trump’s energy-focused approach over prolonged conflict. ‘This path offers real hope to Venezuelans,’ he said. Halliburton CEO Jeff Miller added that despite exiting in 2019 due to sanctions, his firm is eager to return, with 600 Venezuelan employees worldwide itching to go home.
Trump assured the executives of robust security for investors. Officials stressed that sustained political stability will dictate the scale and speed of investments. As Venezuela eyes revival, this meeting could mark the start of a new era for its oil riches.