U S Oil Executives Warn Trump Venezuela Needs Major Reforms to Attract Investment

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U.S. Oil Executives Warn Trump Venezuela Needs Major Reforms to Attract Investment

Leading U.S. oil executives told President Donald Trump at the White House that Venezuela will require deep legal, political and commercial reforms before major investment can take place, despite Trump’s push for at least $100 billion to rebuild the country’s energy sector. While Trump said the U.S. would provide security guarantees and decide which companies can operate there, the largest oil firms did not commit to returning quickly.

ExxonMobil CEO Darren Woods said Venezuela is currently “uninvestable,” pointing to the company’s past experiences of having assets seized and the lack of reliable legal protections. He emphasized that stable investment frameworks would be essential before Exxon could consider a return, though he added the company is willing to send a technical team to assess the condition of Venezuela’s oil assets.

ConocoPhillips CEO Ryan Lance echoed similar concerns, saying Venezuela would need debt restructuring and a major overhaul of state oil company PDVSA to restore investor confidence. Trump responded by saying the U.S. government would not focus on recovering assets lost in the past, instead encouraging companies to look forward to potential profits under a new framework.

Chevron, the only major U.S. oil company still operating in Venezuela through joint ventures, said it has a plan to quickly increase production if conditions allow. However, overall sentiment from the meeting showed that while interest exists, most major oil companies remain cautious and are unlikely to commit serious capital without significant reforms in Venezuela.

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