Are US Oil Giants Ready to Invest in Venezuela?
Synopsis
US oil executives are signaling a major shift towards investing in Venezuela’s oil sector, leveraging new security guarantees and support from the Trump administration. This could mark a significant turnaround for a country that has faced years of decline in its oil production.
Key Takeaways
US oil executives are considering investing in Venezuela's oil sector.
Trump administration provides key support for these investments.
Legal and commercial reforms are critical for investment.
Chevron and ExxonMobil see Venezuela as a long-term opportunity.
Stability and investment protections will guide future investments.
Washington, Jan 10 (NationPress) Executives from leading US and global oil corporations have indicated their willingness to invest significant amounts in Venezuela’s oil industry, pointing to new security assurances and political support from the Trump administration as crucial factors for their return.
During a meeting at the White House led by President Donald Trump, executives from Chemron, ExxonMobil, ConocoPhillips, and other companies described Venezuela as a promising long-term investment opportunity following years of decline due to sanctions and deteriorating infrastructure.
Chevron's Vice Chairman Mark Nelson mentioned that the company already has a significant presence in Venezuela and could quickly ramp up operations.
“Currently, Chevron employs 3,000 individuals across four joint ventures in Venezuela,” Nelson remarked, noting that production surged from approximately 40,000 barrels per day to 240,000 barrels per day.
He added that Chevron could “double our liftings from those joint ventures, essentially effective immediately,” with further enhancements possible within the next 18 to 24 months.
ExxonMobil’s CEO Darren Woods emphasized that Venezuela holds substantial resource potential but highlighted the necessity for legal and commercial reforms.
“The current legal and commercial frameworks in Venezuela make it uninvestable,” Woods stated.
He expressed ExxonMobil's readiness to send a technical assessment team in a matter of weeks if invited.
“It is absolutely vital that we deploy a technical team promptly to evaluate the current state of the industry,” Woods asserted.
ConocoPhillips CEO Ryan Lance remarked that Trump’s strategy of fostering energy investments instead of prolonged conflict offers a new way forward.
“You have renewed hope for the people of Venezuela,” Lance stated.
Halliburton CEO Jeff Miller expressed eagerness to return to Venezuela after exiting in 2019 due to sanctions.
“600 Venezuelans working with Halliburton globally are eager to return to their jobs,” he noted.
Trump assured the executives that participating companies would be granted strong security guarantees.
“Yes, they will have those guarantees,” he affirmed.
Several executives agreed that long-term stability and solid investment protections would dictate the pace and extent of investment.
Once among the largest oil producers globally, Venezuela has experienced a drastic decline in output over the past decade due to sanctions, mismanagement, and insufficient capital investments.
Point of View
It is crucial to recognize the potential implications of US oil majors' interest in Venezuela. This move could signify a shift in the economic landscape, highlighting the importance of international investment in stabilizing the region's oil production. The Nation stands committed to delivering unbiased and thorough reporting on developments that impact both domestic and global economies.
NationPress
12 May 2026
Frequently Asked Questions
What companies are looking to invest in Venezuela?
Major US oil corporations like Chevron, ExxonMobil, and ConocoPhillips have expressed interest in investing in Venezuela .
What factors are influencing these companies' decisions?
New security guarantees and political support from the Trump administration are key considerations for these companies.
How has Venezuela's oil production changed recently?
Venezuela's oil production has significantly declined over the past decade due to sanctions and infrastructure issues.
What is Chevron's current presence in Venezuela?
Chevron currently employs about 3,000 individuals across four joint ventures in Venezuela .
What is the outlook for investment in Venezuela's oil sector?
Executives believe long-term stability and solid investment protections will influence the pace of investment.
