• The White House is pressing major U.S. oil companies to invest in reviving Venezuela's oil industry, according to a senior administration official.
  • Discussions covered domestic production, Venezuela, oil futures, natural gas, and shipping, signaling a coordinated push for energy policy alignment.
  • Companies including Chevron, ExxonMobil, and ConocoPhillips are weighing opportunities amid sanctions uncertainty.

White House Pushes Energy Execs on Venezuela Investment

President Donald Trump met with executives from top U.S. energy companies on Tuesday to discuss increasing domestic production and potential investments in Venezuela's troubled oil sector, according to a White House official. The meeting, which also covered oil futures, natural gas, and shipping, underscored the administration's efforts to reshape global energy flows.

“The president made clear that American energy dominance requires us to work with allies and leverage opportunities in places like Venezuela,” the official said, speaking on condition of anonymity to discuss the private session. The talks come as the White House seeks to expand sanctioned Venezuelan crude sales and rebuild the country's oil infrastructure, which has deteriorated under years of mismanagement and U.S. sanctions.

Attendees included executives from Chevron Corp., Exxon Mobil Corp., and ConocoPhillips, according to people familiar with the matter. The companies have long operated in Venezuela but have been constrained by sanctions imposed since 2019. Chevron, which holds a joint venture with state-owned PDVSA, has been lobbying for a license to expand operations.

“There’s cautious optimism that the administration will provide a framework for responsible investment,” a senior industry executive said after the meeting, asking not to be named because the discussions were private. “But we need regulatory certainty before committing billions to rehabilitating Venezuela’s fields.”

Private Sector Hesitancy Persists

Even with White House encouragement, analysts warn that major investments will hinge on clear sanctions relief and political stability in Caracas. The U.S. has maintained a tough line on President Nicolás Maduro, but recent signals suggest a potential shift as global energy prices remain volatile.

“Without a predictable licensing regime, companies will be reluctant to deploy capital,” said a Houston-based energy analyst. “The infrastructure is in terrible shape—it could take years and billions of dollars to restore meaningful production.”

Venezuela once produced over 3 million barrels per day but now pumps less than 800,000 bpd, according to OPEC data. U.S. officials believe that with Western investment, output could rebound to 1.5 million bpd within five years, easing global supply concerns.

The meeting also touched on domestic energy policy, including permitting reforms and export approvals, as the White House pushes for higher U.S. production to counter OPEC+ cuts. Natural gas and shipping logistics were discussed as part of a broader strategy to strengthen energy security.

This article has been updated to include additional context on investment hurdles.