Trump administration to hold talks with US oil firms on Venezuela

WEB DESK: The administration of US President Donald Trump is preparing to hold discussions with executives from American oil companies later this week to explore ways to ramp up oil production in Venezuela following the removal of President Nicolas Maduro, a source familiar with the matter said.

The planned talks are seen as a key step in Washington’s efforts to encourage major US energy firms to return to Venezuela, nearly two decades after the country’s government took control of operations previously run by American companies.

Despite Trump’s recent claims that his administration had already engaged with US oil producers both before and after Maduro’s arrest, senior executives at Exxon Mobil, Chevron and ConocoPhillips said no such discussions have taken place. Four industry sources told Reuters that none of the three companies had been consulted by the White House regarding potential operations in Venezuela.

“No one at these companies has had conversations with the White House about working in Venezuela, either before or after Maduro’s removal,” one source said.

The upcoming meetings are expected to focus on reviving Venezuela’s oil output and exports. The country, once a leading OPEC producer, holds the world’s largest proven oil reserves, much of which is suitable for processing at specialised US refineries. Analysts, however, caution that restoring production would take years and require tens of billions of dollars in investment.

It remains unclear which executives will attend the discussions and whether companies will meet US officials individually or in a joint setting.

The White House declined to comment directly on the meetings but said it believed US oil companies were prepared to invest in Venezuela. “All of our oil companies are ready and willing to make major investments to rebuild Venezuela’s oil infrastructure, which was devastated under the illegitimate Maduro regime,” said White House spokesperson Taylor Rogers.

Exxon, Chevron and ConocoPhillips did not immediately respond to requests for comment.

Trump told NBC News that his administration may consider subsidising oil companies to help rebuild Venezuela’s energy sector. He said no firms were briefed ahead of the military operation but acknowledged that the idea had been discussed in general terms. “They knew we were thinking about doing something,” Trump said, adding that it was “too soon” to say whether he had personally spoken to executives at the three companies.

CBS News reported, citing an unnamed source, that executives from Exxon, Chevron and ConocoPhillips were expected to meet Energy Secretary Chris Wright on Thursday.

One oil industry executive said companies would be cautious about participating in group discussions with competitors due to antitrust restrictions, which limit collective conversations on investment plans and production levels.

US forces carried out a swift operation in Caracas over the weekend, detaining Maduro and transferring him to the United States to face narcoterrorism charges. Shortly after his arrest, Trump said he expected major US oil firms to invest heavily in boosting Venezuela’s oil output, which has fallen to roughly one-third of its peak after years of sanctions and underinvestment.

Analysts warn, however, that deteriorated infrastructure, political uncertainty, legal disputes and unclear long-term US policy could slow any recovery.

Chevron is currently the only major US oil company still operating in Venezuela. Exxon and ConocoPhillips previously had significant investments in the country before their assets were nationalised under former president Hugo Chavez. ConocoPhillips has sought billions of dollars in compensation for seized projects, while Exxon pursued lengthy arbitration cases after leaving Venezuela in 2007.

Chevron currently exports about 150,000 barrels per day of Venezuelan crude to the US Gulf Coast and has had to carefully navigate US sanctions to maintain its operations.

Despite the challenges, investors reacted positively to Washington’s actions. Trump said the US embargo on Venezuelan oil remains in place. The S&P 500 energy index climbed to its highest level since March 2025, with Exxon Mobil shares rising 2.2 per cent and Chevron gaining 5.1pc.

Web Desk