President Donald Trump met top executives from major American and European oil companies at the White House on Friday, 9th January, hoping to persuade them to invest money in reviving Venezuela’s badly damaged oil industry. However, despite Trump’s strong pitch, most companies stopped short of making any firm commitments.
The meeting included executives from US oil majors such as Chevron, ExxonMobil, ConocoPhillips and Continental Resources. European energy giants Repsol, Shell and Eni were also present. The discussions marked another step in Trump’s aggressive intervention in Venezuela, a country he has openly said he wants to bring under US influence.
Trump announces oil ‘handover’, promises shared future
Trump opened the meeting by making a dramatic announcement. He said that Venezuela’s interim government had handed over 30 million barrels of oil to the United States on Thursday, 8th January, an amount equal to roughly one month of the country’s oil production.
He described this as the beginning of a new chapter. According to Trump, the removal of Nicolás Maduro from power has created an opportunity for the U.S. and Venezuela to closely link their economies as “two major energy powers” in the Western Hemisphere. The public portion of the meeting was also attended by senior officials, including Secretary of State Marco Rubio, Vice President J.D. Vance and Energy Secretary Chris Wright.
Trump believes that bringing in private oil companies is the key to rebuilding Venezuela’s collapsed economy. But his message was met with caution from most executives, who appeared wary of putting large sums of money into a country with a long history of nationalising private assets.
Oil CEOs raise legal and political concerns
ExxonMobil CEO Darren Woods offered the most direct response. He said Venezuela, in its current state, is simply not safe for investment. According to Woods, the country’s legal and commercial systems do not provide enough protection for foreign companies.
The Trump administration meets reality:
CEO of Exxon says Venezuela is "uninvestible" right now….. pic.twitter.com/dW9S2jr8Y8
— Richard (@ricwe123) January 10, 2026
“If you look at the frameworks in place today, it’s uninvestable,” he said, adding that major legal reforms would be needed before ExxonMobil could seriously consider returning.
Woods reminded that ExxonMobil left Venezuela nearly 20 years ago after the Hugo Chávez government nationalised oil projects. He said the company’s assets were seized twice and claimed the Venezuelan government still owes ExxonMobil around $12 billion. While he said the company could send a technical team to assess pipelines and infrastructure, he made it clear that large-scale investment was not on the table yet.
Chevron, the only major U.S. oil company still operating in Venezuela under a special U.S. licence, also struck a careful tone. Vice Chair Mike Nelson said Chevron had a long history in the country but avoided committing to expanding operations under current conditions.
U.S. tightens grip after Maduro’s removal
The meeting came just days after the US military operation that captured President Nicolas Maduro and his wife Cilia Flores. Since then, the Trump administration has rapidly increased its control over Caracas. The US has asserted authority over Venezuela’s oil sales and facilitated the transfer of a month’s worth of oil production.
A US naval presence remains stationed off Venezuela’s coast, effectively blockading the country. Trump said Washington would provide security guarantees to oil companies willing to invest, though he did not clarify whether this would involve deploying U.S. troops on the ground.
He also delivered a blunt message to the executives in the room. If they were unwilling to invest, he said, others were ready to step in.
“If you don’t want to go in, just tell me,” Trump said. “I’ve got 25 people who weren’t invited today who are willing to take your place.”
Smaller players show more interest
While major oil companies remained cautious, several smaller firms and private equity-backed players expressed more enthusiasm. Some of these companies have ties to Colorado, the home state of Energy Secretary Chris Wright. They praised Trump’s approach and said they were open to investing and helping market Venezuelan oil.
Venezuela, despite holding the world’s largest oil reserves, currently produces only about one per cent of global supply. Years of underinvestment and mismanagement have crippled its output. In the 1970s, the country pumped around 3.5 million barrels a day, more than three times its current production.
Trump pushes for fast returns
Trump said the US could even use its Export-Import Bank to help fund oil projects in Venezuela, reducing financial risks for investors. His goal, he said, is simple: get companies to invest, recover the money quickly, and then divide the profits.
“We get them to invest, get their money back fast, and then we split it between Venezuela, the United States and them,” Trump said. “It’s a simple formula.”
For now, however, most oil giants remain unconvinced, leaving Trump’s ambitious plan facing serious uncertainty.
