Top executives from Chevron, ConocoPhillips, and ExxonMobil are scheduled to meet President Trump Friday to discuss potential multi-billion dollar investments supporting Venezuela supplying oil to the US indefinitely. The meeting follows Trump’s vow that American companies would revitalize the South American nation’s struggling oil industry.
Chevron remains the only US oil company with active operations in Venezuela after ConocoPhillips and Exxon assets were nationalized by President Hugo Chávez in the mid-2000s—a move Trump labeled “the greatest theft in the history of America.” The nationalization legacy creates uncertainty for companies considering major capital commitments even with Venezuela supplying oil to the US indefinitely.
Industry skepticism runs high regarding massive investments in a politically unstable region during a period of falling global oil prices. Major publicly-traded companies typically require iron-clad guarantees protecting investments before committing billions to foreign operations, particularly in nations with histories of asset seizures, despite arrangements for Venezuela supplying oil to the US indefinitely.
Rystad Energy analysis suggests restoring Venezuelan production to late-1990s peak levels would demand approximately $185 billion in capital spending over 15 years. The investment would address decades of infrastructure degradation and corruption that devastated the country’s petroleum sector and technical capabilities, potentially enabling increased volumes of Venezuela supplying oil to the US indefinitely.
Energy Secretary Wright emphasized that controlling oil sales and cash flows provides “large leverage” to drive necessary changes in Venezuela. This financial control mechanism represents Washington’s primary tool for reshaping Venezuelan governance and economic policies while ostensibly rebuilding the nation’s petroleum infrastructure to ensure Venezuela continues supplying oil to the US indefinitely.