• Trump administration pushes U.S. oil majors to invest in Venezuela following Maduro's capture, promising security and bypassing local authorities.
  • ExxonMobil (XOM) CEO Darren Woods voices skepticism, calling Venezuela "uninvestable" without reforms, while some firms show enthusiasm.
  • Executive order protects Venezuelan oil revenues from claims, supporting direct U.S. control over sales of sanctioned crude.

In a high-stakes move to reshape Venezuela's oil sector, the Trump administration is aggressively courting U.S. energy giants to invest in the country following the capture of Nicolás Maduro earlier this month. At a White House meeting on January 9, 2026, President Trump hosted executives from ExxonMobil, Chevron (CVX), ConocoPhillips (COP), and other firms, promising "total safety and security" for investments and direct U.S. dealings that would bypass Venezuelan authorities. According to people familiar with the discussions, the administration is seeking $100 billion in commitments to rebuild infrastructure and boost production, aiming to lower global oil prices to $50 per barrel.

"We're opening up one of the world's largest oil reserves to American enterprise," Trump said in remarks after the meeting, though he did not provide specifics on military or logistical support. The push comes as the U.S. asserts control over Venezuela's oil decisions post-Maduro, with interim President Delcy Rodriguez claiming authority and Chevron remaining the sole licensed U.S. operator. An executive order signed January 10 protects Venezuelan oil revenues held by the U.S. from judicial claims, supporting direct partnerships and U.S. control over global sales of 30-50 million barrels of sanctioned crude.

Not all executives are convinced. ExxonMobil CEO Darren Woods called Venezuela "uninvestable" without major legal and commercial reforms, citing past asset seizures under Hugo Chávez. "The risks remain substantial," Woods told reporters, echoing concerns shared by some analysts about instability. In contrast, firms like Hilcorp showed enthusiasm, with one executive noting the "transformative potential" if security guarantees hold. Efforts to reach ConocoPhillips for comment were unsuccessful.

Venezuela holds about 20% of global oil reserves but produced only 1% of world crude in 2024 due to underinvestment, sanctions, and mismanagement. Revived output could cut U.S. fuel prices, but faces steep hurdles from infrastructure decay in pipelines and refineries. The administration's approach leverages the resource potential in a stable environment, aiming for private capital from markets rather than aid. Interior Secretary Doug Burgum, who attended the meeting, is also promoting U.S. mining firms' opportunities in Venezuela under Trump's "energy dominance" policy, though there is no evidence he was dispatched there specifically.

Political context adds complexity. Trump canceled further strikes citing "cooperation," invoking the National Emergencies Act for indefinite oversight, while Energy Secretary Chris Wright eyes indefinite U.S. control. The administration frames the move as economic stabilization, seizing Maduro and tankers to assert authority. Short-term, technical assessments and security guarantees are needed before investments flow; long-term, a production surge could generate U.S. wealth, but hinges on reforms and sustained support. As one industry insider put it, "This is a high-reward, high-risk play that will test the limits of U.S. influence in a post-Maduro era."