American oil companies ‘hungry’ for Venezuelan oil

Jan 10, 2026 News

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…Exxon requests “durable investment protection” during meeting with Trump

(Kaieteur News) – Executives from dozens of American oil companies met with President Donald Trump at the White House on Friday to discuss plans to enter or re-enter Venezuela’s oil industry, with most expressing eagerness to access the country’s petroleum resources and thanking the President for the military operation that paved the way.

President Trump said the oil companies would need to invest at least US$100 billion to revive Venezuela’s dilapidated oil sector in order to bring, “millions of barrels of oil production to benefit the United States, the people of Venezuela and the entire world…”

On January 3, the U.S. military conducted an operation in Caracas, Venezuela, which resulted in the arrest of Venezuelan President Nicolás Maduro and his wife, Cilia Flores. Both were transported to the United States and placed before the court on narco-terrorism charges. Following the operation, President Trump said at a press conference that the U.S. plans to “run” Venezuela until, “we can do a safe, proper, and judicious transition,” while outlining ambitious plans for the oil-rich nation’s resources.

Among the companies represented at the meeting were ExxonMobil Corporation, Chevron Corporation, ConocoPhillips and Halliburton, and others.

Trump described Venezuela as having “tremendous” oil reserves and said the U.S. government will be working with the country, while making clear that his administration will decide which oil companies are allowed to operate there. “We’re dealing with the country so we are empowered to make that deal and you have total safety, total security,” Trump said.

He added that the initiative would make Venezuela very successful and that the people of the United States would benefit significantly. “We’re taking back what they took from us, we built that oil industry,” Trump said.

Trump also said American oil companies could raise Venezuela’s current low production to unprecedented levels. “When you add Venezuela and the United States together, we have 55% of the oil in the world,” he noted.

Further, he noted that while U.S. companies would not require government financing, they would need government protection to operate in Venezuela and ensure a “nice return” on their investment.

Though Venezuela’s crude is heavy oil, Trump described it as a fantastic resource and said American refineries have the capacity to process that type of crude. “All of the companies here today are going to be treasured partners in bringing the Venezuela nation back to life, restoring its economy, generating great wealth for their companies and for their people and also great wealth for the American people and tremendous wealth for the companies that are going in,” Trump stated.

Chevron’s Vice Chairman Mark Nelson said the company has been part of Venezuela’s oil industry for more than a century and expressed excitement about the present and optimism about building a better future.

Further, ExxonMobil Chief Executive Officer Darren Woods said the company makes long-term investments and noted that Exxon has not been part of Venezuela’s oil industry for about 20 years. “We do not go into any opportunity with a short-term mindset,” he said.

Woods said Exxon believes any investment must be a win-win for the company and its shareholders, the people, and the government of the country in which it operates.

He noted that Exxon’s assets in Venezuela were seized twice, adding, “You can imagine to reenter a third time would require some pretty significant changes from what we have historically seen here and what is currently the state.”

Woods said Venezuela’s current legal and commercial environment is un-investable and would require significant reforms. “There has to be durable investment protection,” Woods said. He added that Exxon is confident such changes would be implemented with the Trump administration working alongside the Venezuelan government.

Given Exxon’s two-decade absence from the country, Woods said it would be critical to deploy a technical team to assess the state of the industry before restoring production. “With an invitation from the Venezuelan government and with appropriate security guarantees, we are ready to put a team on the ground there,” Woods noted. He said Exxon could have a team on the ground within a couple of weeks to conduct the assessment.

During the discussion, Vitol’s John Addison said the company is prepared to ensure Venezuelan oil is moved around the world at the best prices. “So that the influence that you (President Trump) have over the Venezuelans will ensure that you get what you want,” he added. Other executives similarly expressed gratitude to President Trump and said U.S. oil companies stand ready to take the opportunity that has presented itself and allow them to benefit from renewed access in Venezuela’s oil industry.

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• American, Donald Trump, Marco Rubio, oil companies, Venezuelan oil

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