Trump Officials to Press US Oil CEOs on Venezuela Energy Revival

TLDR

• The Trump administration is scheduling its first formal meetings with major US oil executives this week.

• Officials are urging companies to consider investing in Venezuela’s damaged oil sector.

• Energy Secretary Chris Wright and Interior Secretary Doug Burgum are leading the outreach efforts.

• Oil companies are asking for financial guarantees and security commitments before entering Venezuela.

• Continental Resources is the only US oil company that has publicly shown interest so far.

The Trump administration will hold its first formal meetings with top US oil executives this week, pressing them to consider returning to Venezuela’s oil fields, following President Donald Trump’s public call for investment in the country’s crippled energy sector, according to four people briefed on the plans.

Cabinet Officials Set Formal Calls With Oil Companies

Energy Secretary Chris Wright and Interior Secretary Doug Burgum have scheduled calls with CEOs of large US oil companies.

These discussions follow months of informal outreach, and people close to the matter confirmed on condition of anonymity.

Trump stated US oil companies would “spend billions of dollars” reviving Venezuela’s oil infrastructure following the arrest of Nicolás Maduro.

Executives, however, remain cautious about investing in Venezuela due to political instability and unresolved past asset seizures.

The administration hopes companies will begin planning returns, though clear investment frameworks remain under development.

A former agency head noted, “It’s a pretty powerful thing when the president… says, ‘I need you to do this.’”

Industry Asks for Security, Clarity Before Investment

US oil companies are requesting clear commitments from Washington before deploying capital or personnel into Venezuela’s oil fields.

These demands include US-backed contracts to ensure payment and safety for future operations on the ground.

Executives seek clarity on governance, as acting President Delcy Rodríguez’s role causes concern due to her ties to past asset expropriations.

A second industry official said, “We need boots-on-the-ground security and some financial security. That’s on top of the list.”

Many firms remain wary of Rodríguez’s control, citing past sanctions and instability under her leadership in previous regimes.

“Who’s running the game here?” one executive questioned, expressing doubt about the conditions for a safe return.

US Oil Firms Weigh Venezuela Investment

Reviving Venezuela’s oil production to past levels would require over $180 billion and over a decade of sustained work.

Rystad Energy estimates that simply maintaining current output levels will need $53 billion over 15 years.

Raising production beyond 1.4 million barrels daily would require $8 to $9 billion annually starting in 2026.

Continental Resources, led by Trump ally Harold Hamm, is the only company showing public interest in investing in Venezuela.

Hamm said to the Financial Times that they would consider it “with improved regulatory and governmental stability.”

Exxon Mobil, Chevron, and ConocoPhillips have yet to confirm any engagement with the administration regarding Venezuela.

ConocoPhillips continues efforts to recover over $10 billion awarded in arbitration for Venezuela’s 2007 asset seizures.

The American Petroleum Institute has not joined talks but is “watching developments involving Venezuela,” said spokesperson Justin Prendergast.

Trump claimed he had spoken to US oil executives “before and after” Maduro’s arrest, though companies said no outreach had occurred.

Chevron, Exxon, Halliburton, and SLB declined or did not respond to media inquiries regarding future Venezuela operations.

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