Trump wants US oil giants to invest 'billions of dollars' in Venezuela — but there's a problem
U.S. President Donald Trump's move to strike Venezuela and capture its President Nicolas Maduro has taken the world by surprise. Soon after that, he stated that the central objective of the American operation in Venezuela was to control the oil-rich country’s energy sector. He urged companies to "go in" and "spend billions of dollars" to fix the "broken oil infrastructure." However, U.S. oil giants have refrained from confirming any investment plans yet, with the biggest players in the region holding back, Fox News reported.
“We’re going to have our very large United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure,” Trump said from his Mar-a-Lago residence in Palm Beach, Florida, in a press conference. “Let’s start making money for the country,” The president added. Currently, Venezuela holds the world’s largest oil reserves, but years of underinvestment, corruption, and crumbling infrastructure have left the resources untouched. Early estimates show potential investments to be between $500 billion and $750 billion in the next five years, as per News Nation.
While the president is optimistic about U.S. firms unlocking the wealth, the oil giants remain cautious. Chevron is the only major U.S. oil company operating in Venezuela. It exported about 140,000 barrels per day in the fourth quarter of 2025, as per data from energy consulting firm Kpler. In a statement to Fox News Digital, a company spokesperson said it will act as per the "relevant laws and regulations." "Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets," the spokesperson added.
Another major player, ConocoPhillips, stated that it would be too early to confirm any investment plan. In a statement to the publication, the company wrote that it is monitoring the developments and the "potential implications for global energy supply and stability." "It would be premature to speculate on any future business activities or investments," a spokesperson for ConocoPhillips stated. Meanwhile, ExxonMobil, the largest oil company in the U.S., has yet to respond to the matter.
Venezuela, a founding member of OPEC, sits on the largest proven oil reserves in the world with 303 billion barrels or 17% of the global reserves, as per the U.S. Energy Information Administration. Decades ago, in a nationalization campaign launched by former President Hugo Chávez, Venezuela pushed out Western oil companies, ending a major period of U.S. energy investment. Later, the country seized control of operations still run under private arrangements. While Chevron agreed to remain, ExxonMobil and ConocoPhillips refused to accept new terms and left the country in 2007, according to NPR.
The two companies engaged in a years-long legal battle with Venezuela after exiting, and were ultimately awarded billions of dollars by the World Bank’s International Center for Settlement of Investment Disputes. However, Venezuela, with a crippled economy due to sanctions, corruption, and mismanagement, has yet to pay the compensation, as per The Guardian. Thus, the U.S. had placed strict sanctions on the country, and for now, a U.S. embargo on all Venezuelan oil remains in full effect. The Trump administration has repeatedly accused the country of stealing "American talent, drive, and skill" as it unilaterally seized and sold "American oil, American assets, and American platforms."
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