Trump Meets Oil Industry Leaders at White House to Chart Strategy for Venezuelan Oil Revival
President Trump convenes major energy executives to encourage US investment in Venezuela’s oil infrastructure following recent political shifts
President Donald Trump hosted a high-profile roundtable at the White House with executives from the United States’ leading oil and gas companies to advance his administration’s strategy for reinvigorating Venezuela’s vast oil sector.
The meeting, held on January 9, brought together top figures from Chevron, ExxonMobil, ConocoPhillips and other major industry players, alongside senior White House officials, as part of a push to secure up to $100 billion in investment to rebuild dilapidated energy infrastructure and expand crude production.
Trump framed the initiative as a unique opportunity to strengthen American energy leadership while lowering global prices and benefiting the broader economy.
At the opening of the East Room session, Trump emphasised that U.S. energy companies would enjoy ‘‘total safety, total security’’ to operate in Venezuela under a framework backed by the U.S. Government, pledging that they would engage directly with American authorities rather than Venezuelan counterparts.
He urged firms to act swiftly to tap into the country’s extensive petroleum reserves, describing the effort as essential to revitalising an oil industry long hindered by neglect and previous state asset seizures.
Despite Trump’s assurances, executives voiced significant caution about Venezuela’s investment climate.
ExxonMobil Chief Executive Darren Woods characterised the country as ‘‘uninvestable’’ without substantial legal and commercial reforms, citing past nationalisation of U.S. assets and the need for durable protections before committing capital.
Trump later signalled he might exclude ExxonMobil from the initiative after its lukewarm response, underscoring his determination to align corporate participation with his administration’s objectives.
Other companies were more receptive, with Chevron expressing readiness to expand its operations and take advantage of new security guarantees, while some smaller firms signalled tentative interest in investing.
Officials from the Treasury, State and Interior Departments joined the discussion, highlighting the broader geopolitical stakes as the United States seeks to counter the influence of rivals like Russia and China in the Western Hemisphere.
The dialogue at the White House reflects a concerted effort by the Trump administration to reshape global energy dynamics by leveraging Venezuela’s oil potential in a way that complements U.S. economic and strategic priorities.
The meeting, held on January 9, brought together top figures from Chevron, ExxonMobil, ConocoPhillips and other major industry players, alongside senior White House officials, as part of a push to secure up to $100 billion in investment to rebuild dilapidated energy infrastructure and expand crude production.
Trump framed the initiative as a unique opportunity to strengthen American energy leadership while lowering global prices and benefiting the broader economy.
At the opening of the East Room session, Trump emphasised that U.S. energy companies would enjoy ‘‘total safety, total security’’ to operate in Venezuela under a framework backed by the U.S. Government, pledging that they would engage directly with American authorities rather than Venezuelan counterparts.
He urged firms to act swiftly to tap into the country’s extensive petroleum reserves, describing the effort as essential to revitalising an oil industry long hindered by neglect and previous state asset seizures.
Despite Trump’s assurances, executives voiced significant caution about Venezuela’s investment climate.
ExxonMobil Chief Executive Darren Woods characterised the country as ‘‘uninvestable’’ without substantial legal and commercial reforms, citing past nationalisation of U.S. assets and the need for durable protections before committing capital.
Trump later signalled he might exclude ExxonMobil from the initiative after its lukewarm response, underscoring his determination to align corporate participation with his administration’s objectives.
Other companies were more receptive, with Chevron expressing readiness to expand its operations and take advantage of new security guarantees, while some smaller firms signalled tentative interest in investing.
Officials from the Treasury, State and Interior Departments joined the discussion, highlighting the broader geopolitical stakes as the United States seeks to counter the influence of rivals like Russia and China in the Western Hemisphere.
The dialogue at the White House reflects a concerted effort by the Trump administration to reshape global energy dynamics by leveraging Venezuela’s oil potential in a way that complements U.S. economic and strategic priorities.
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