Top executives in the US oil sector expressed caution to Donald Trump about the possibility of returning to Venezuela, even as the president pressed his companies to invest at least US$100 billion to restart production in the country after the bold capture of leader Nicolás Maduro.
Trump convened about 20 industry representatives in the East Room of the White House on Friday and predicted that they could reach an agreement “today or very soon” to restart operations in the oil-rich Latin American country.
“If you don’t want to participate, just tell me, because I have 25 people who are not here today and who are willing to take your place,” said Trump to the oil industry representatives.
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Comments from some executives indicated that the president may need to be more persuasive. Darren Woods, CEO of Exxon Mobil, stated that Venezuela is currently “unviable for investments” and noted that the assets of his company had been seized by the Caracas government twice before.
“So you can imagine that re-entering for the third time would require fairly significant changes from what we’ve seen historically here and the current state,” Woods said, including changes in the legal and commercial frameworks. “There must be lasting protections for investments.”
Even Harold Hamm, of Continental Resources, a long-time Trump donor, refused to commit resources to operations in Venezuela, though he said that the prospect “excites him as an explorer.”
Seeking support, Trump stated that the U.S. would provide security guarantees for the companies entering the country, without detailing how this would work. He also predicted that the companies would quickly recoup their investments in new or upgraded equipment.
“We are dealing with the country, so we have the power to make this deal. And you will have total security, total protection,” said Trump. “You will be dealing directly with us, not with Venezuela, or we don’t want you dealing with Venezuela.”
But, at the same time, Trump said that the U.S. would not consider the past losses suffered by companies that had to abandon their operations in Venezuela.
At one point, Trump asked Ryan Lance how much the company had lost in Venezuela, leading the CEO of ConocoPhillips to say that he had suffered a loss of US$ 12 billion.
“Nice write-off,” joked Trump.
“It’s already been written off,” replied Lance.
The exchanges highlighted the difficult path that the Trump administration faces to lure major oil producers back to Venezuela. The U.S. military intervention in the country shocked many Americans, including some Trump supporters, who considered it a naked attempt to seize the natural resources of another country. The president framed it as a chance to oust a leader, Maduro, who posed a threat to national security, and to exploit Venezuela’s vast oil reserves as a source of power and hemispheric revenue.
“If we didn’t do this, China or Russia would have done it,” said Trump.
To this end, Trump is seeking Western oil companies, including those who attended the meeting in the East Room of the White House, to revitalize Venezuela’s deteriorated oil infrastructure. He sought to reassure the executives that they would have the necessary guarantees to undertake this work.
As the exhortations of Trump to the oil industry coincide with a broader effort to address cost-of-living concerns, which weigh heavily on Republicans’ bid to keep control of Congress in the November midterm elections.
The president often highlights the drop in oil and gasoline prices, which on Friday averaged US$2.81 per gallon of unleaded, according to the American Automobile Association, as relief for American consumers. This is a double-edged sword. The low prices are viewed with suspicion within the oil industry, from which Trump relies to keep pumping oil.
Some US oil operators, especially independent producers, are concerned with the current prices, which have tightened the economics of some domestic wells. And they fear that an increase in Venezuelan oil supply could push prices even lower, making many wells economically unviable.
“I hope you build everything anew, remove all the old scrap that’s been there for so many years and do it the right way,” Trump told the executives.
Markets have already reacted to the administration’s plans to begin selling more than 50 million barrels of Venezuelan oil, including supplies accumulated in storage during the U.S. naval blockade.
West Texas Intermediate futures, the U.S. benchmark, were around US$59 on Friday.
The meeting creates an uncomfortable dynamic for oil companies that contradicts Trump’s expectations of abundant Venezuelan production under U.S. control.
Some industry representatives expressed concern that participating in the meeting could make them appear to be complicit in an opportunistic and callous appropriation of Venezuelan oil, according to people familiar with the matter. This is because there remains a strong reluctance to invest immediately in the country. At the same time, the executives must tread carefully with the president, who is pressuring them to pledge new investments quickly.
Heightening the tension is the strong political support Trump has received from the oil industry, including representatives present at Friday’s meeting. During a roundtable on energy in the 2024 campaign, Trump promised oil executives a range of policy changes — including the rollback of some environmental regulations — while asking the group to raise US$1 billion for his political operation, according to people familiar with the exchange.
This week, executives stressed to administration officials that any reconstruction of Venezuelan oil requires physical security guarantees and contractual certainty, given concerns about the stability of Venezuela under the interim leadership of Delcy Rodriguez. While Chevron still operates in Venezuela under a special U.S. license, Exxon Mobil and ConocoPhillips left after Maduro’s predecessor, Hugo Chávez, nationalized their assets.
Venezuela holds the world’s largest proven oil reserves, but its production has fallen to less than 1 million barrels per day amid decades of neglect and the exit of foreign companies.
Cleaning up environmental damage and rebuilding the abandoned platforms, leaking pipelines and equipment destroyed by fire could take years—and cost tens of billions of dollars—just to modestly increase production, far from approaching the country’s 1970s peak of nearly 4 million barrels per day.
And while the president had previously suggested the possibility of U.S. subsidies for oil work abroad, Interior Secretary Doug Burgum reiterated on Friday that Washington is unlikely to provide financial support.
“Capital will come from the financial markets and energy companies,” Burgum told Bloomberg Television. “I don’t see these companies needing U.S. backing, except on security matters. If we can provide a safe and stable environment, the resource here is so significant and so large that it will be attractive for people to come in and develop it.”
The Energy Secretary, Chris Wright, a former oil company executive who is leading the implementation of Trump’s plans, attended Friday’s session alongside Burgum and Secretary of State Marco Rubio.
Trump also said on Friday that he cancelled a second wave of attacks on Venezuela, citing improved cooperation from the country after the release of some political prisoners. Still, U.S. forces remain positioned in the region in case of further actions; on Friday, the U.S. Coast Guard boarded another tanker.
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