President Trump claims U.S. oil companies will invest “billions” to rebuild Venezuela’s oil industry now that Nicolás Maduro has been removed from power, but major energy firms have not confirmed such plans. Chevron, ExxonMobil, and ConocoPhillips remain cautious or silent on whether they will commit to large-scale investment.
Major U.S. energy firms have not publicly committed to President Trump’s vision of pouring substantial capital into Venezuela’s vast oil reserves, despite Trump’s assertion that they would take the lead in restoring production. Chevron reiterated compliance with laws and focused on worker safety, ConocoPhillips called speculation “premature,” and ExxonMobil did not immediately comment.
The silence from these companies comes amid deep structural challenges in Venezuela’s oil sector. The nation holds the world’s largest proven oil reserves but has experienced decades of underinvestment, mismanagement, and nationalization under socialist regimes, resulting in collapsing infrastructure and production far below potential. Industry analysts estimate that tens of billions—and perhaps over $100 billion—will be required to modernize facilities and increase output.
Chevron remains the only major U.S. oil company still operating in Venezuela, a legacy of surviving previous nationalization moves and operating under special U.S. Treasury licenses that restrict activity. The company stressed it is following all relevant regulations and is focused on the integrity of its operations amid heightened political risk.
President Trump has publicly emphasized Venezuela’s strategic importance and described plans for U.S. firms to “fix the badly broken oil infrastructure,” arguing American energy leadership can profit and benefit the global market. He also said the United States would sell Venezuelan crude internationally once production increases, despite the nation’s oil embargo remaining in effect.
Notwithstanding Trump’s expansive rhetoric, many industry experts express skepticism that U.S. companies will rapidly commit to large investments without clear legal protections and long-term political stability in Caracas. After historic expropriations under Hugo Chávez and Maduro, firms are wary of returning without guarantees against future asset seizures and secure frameworks for operation.
Separately, U.S. policy officials clarified that the United States does not plan to govern Venezuela directly but will sustain pressure through oil sanctions and diplomatic channels to incentivize reforms, underscoring the complexity of linking political outcomes with potential private investment.
