Donald Trump promises oil firms ‘total safety’ in Venezuela, urges $100bn investment

“American companies will have the opportunity to rebuild Venezuela’s energy infrastructure,” Trump said at the meeting.

He added that oil production could rise sharply and said the United States would benefit through lower energy prices.

Trump said the investment would come from oil companies, not US taxpayers. “The plan is for them to spend at least $100bn of their money, not the government’s money,” he said. “They don’t need government money, but they need government protection and government security,” Reuters quoted him as saying.

He also warned companies that others were ready to step in if they were not interested. “I got 25 people that aren’t here today that are willing to take your place,” Trump said.

Mixed response from companies

While several executives welcomed talks with the administration, some companies signalled caution.
Exxon Mobil chief executive Darren Woods said Venezuela is currently “uninvestable” due to past asset seizures and legal uncertainty. “To re-enter would require some pretty significant changes,” he said, according to Reuters.

Chevron, the only major US oil company still operating in Venezuela, said it remains committed but did not signal immediate large-scale investment.

Analysts and industry experts remain cautious, citing political instability and high costs. Venezuela holds the world’s largest oil reserves but produces only about 1% of global supply after years of underinvestment.

US officials have said Washington intends to control Venezuela’s oil sales and revenues to limit corruption and drug trafficking, a move criticised by some Democratic lawmakers.

Energy secretary and enforcement

US Energy Secretary Chris Wright said Washington’s dealings with Venezuela since Maduro’s arrest had been “fantastic”, Reuters reported. He added that the US Export-Import Bank could be used to support large oil projects, though no final decision has been announced.

Trump said discussions with oil companies were ongoing and aimed at securing firm commitments. “We have to get them to invest and then we have to get their money back,” he said, according to Reuters.

Trump also confirmed he plans to meet Venezuelan opposition leader María Corina Machado next week. “She’s coming in sometime next week,” he said. The president added that relations with Venezuela’s interim leadership were currently “very good”.