White House courts oil giants after Maduro ouster, but obstacles overshadow promises for investors
U.S. officials are moving to court major oil companies after the dramatic kidnapping of Venezuelan president Nicolás Maduro and the removal of his government, preparing meetings this week to discuss reviving the country’s crippled crude production, according to a source familiar with the talks. Washington views the sit-downs as pivotal to luring American producers back into fields nationalized nearly twenty years ago.
But the three biggest U.S. players — Exxon Mobil, ConocoPhillips, and Chevron — say they have had no conversations with the administration about Maduro’s ouster, contradicting President Donald Trump’s claims he had already spoken with “all” of the companies. “Nobody…has had conversations with the White House,” one industry source said.
The White House argues U.S. firms are ready to invest and rebuild infrastructure, which it says was wrecked by the Maduro government, even floating subsidies to accelerate a return. Still, analysts warn that the effort would take years and billions, given decayed pipelines, shuttered facilities, sanctions, and murky legal ground. It remains unclear which executives will attend — or whether they will meet collectively, amid antitrust worries about sharing plans on spending and output.
CBS News reported the companies are expected to meet Energy Secretary Chris Wright, while Trump told NBC News oil firms knew “something” was being considered but were not informed of the timing of the raid that captured Maduro, who was flown to the United States to face narcoterrorism charges. He said it was “too soon” to confirm any direct talks with top executives.
Chevron, the lone U.S. major still operating in Venezuela, has tiptoed through sanctions while exporting roughly 150,000 barrels a day to the Gulf Coast. Exxon and ConocoPhillips, burned by past nationalizations under Hugo Chávez, are still entangled in disputes and arbitration, and executives doubt anyone but Chevron will commit to new development soon.
Trump said he expects massive investment to lift Venezuelan output, now roughly a third of its former peak. Yet analysts caution that politics, policy uncertainty, and broken infrastructure could stall any surge. Investors nonetheless wagered on future access: the S&P 500 energy index climbed, with Exxon up 2.2% and Chevron up 5.1%, even as the U.S. embargo on Venezuelan oil remains fully in force.
6th January 2026
Read More
- Attorney General William P. Barr’s remark on Criminal Charges against Venezuelan Officials (2020)
- Nicolás Maduro and 14 Venezuelan Officials charged with Narco-terrorism (2020)
- Trump, Venezuela, and Europe’s Dilemma: Sánchez Draws a Hard Line
- Global outrage over Venezuela President Maduro’s Capture
