Trump Venezuela Oil Plan Faces Resistance From US Oil Giants

President Donald Trump has urged US oil companies to invest $100bn in Venezuela’s energy sector following regime change. But top executives, including Exxon’s CEO, warn the country remains too risky, raising doubts about whether the ambitious plan can move forward.

Dateline: Washington, United States
Published: 11January 2026

What Happened

The Trump Venezuela oil plan took center stage at a White House meeting this week, where President Donald Trump pressed leading US oil executives to commit at least $100 billion to revive Venezuela’s oil industry.

Trump framed the proposal as a strategic opportunity, arguing that unleashing Venezuela’s vast oil reserves would help stabilize the country while driving global energy prices lower. He told executives that American companies would play a central role in reshaping the nation’s energy future following the removal of long-time leader Nicolás Maduro in a US-backed operation earlier this month.

Despite acknowledging Venezuela’s enormous resource potential, executives offered a cautious response. No major financial commitments emerged from the meeting, and several industry leaders openly questioned whether Venezuela is ready for large-scale reinvestment.

ExxonMobil chief executive Darren Woods delivered the bluntest assessment, warning that Venezuela remains “uninvestable” under current conditions.

Where It Happened

The discussions unfolded at the White House in Washington, with executives from America’s largest oil companies in attendance. Representatives from ExxonMobil, Chevron, Shell, as well as international firms such as Spain’s Repsol and Italy’s Eni, joined the talks.

While the meeting took place in the US capital, its implications stretch far beyond Washington. Venezuela, home to the world’s largest proven oil reserves, has seen its production collapse over decades due to sanctions, underinvestment, and political turmoil.

Currently producing around one million barrels per day, Venezuela contributes less than 1% of global oil supply – far below its historic output.

Official Confirmation

President Trump confirmed that his administration intends to tightly manage any reopening of Venezuela’s oil sector under the Trump Venezuela oil plan.

“You’re dealing with us directly,” Trump told executives. “You’re not dealing with Venezuela at all.”

The White House later clarified that the US government plans to selectively roll back sanctions, allowing approved companies to operate while keeping control over oil sales. Revenue from Venezuelan crude would flow into US-controlled Treasury accounts, a move designed to maintain leverage over the country’s interim leadership.

On Friday, Trump signed an executive order barring US courts from seizing Venezuelan oil revenue held by the Treasury, citing foreign policy concerns.

“President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical US efforts to ensure economic and political stability in Venezuela,” the White House said in a fact sheet.

Why It Matters

The Trump Venezuela oil plan carries significant geopolitical and economic implications. If successful, it could reshape global energy markets, reduce oil prices, and mark a dramatic shift in US influence over Latin America’s energy resources.

However, industry leaders remain unconvinced.

Exxon’s Woods pointed to the company’s painful history in Venezuela, where its assets were seized twice under previous governments.

“To re-enter a third time would require some pretty significant changes,” Woods said. “Today, it’s uninvestable.”

Energy analysts echo that sentiment, arguing that companies need legal certainty, physical security, and stable fiscal rules before committing billions of dollars.

Former US State Department energy envoy David Goldwyn said oil companies were signaling support without opening their wallets.

“They’re being as polite as humanly possible,” he said, “without committing actual dollars.”

What Happens Next

Under the Trump Venezuela oil plan, the administration will decide which companies receive permission to operate. Chevron, the last major US oil firm still active in Venezuela, currently accounts for about 20% of national production and says it expects to increase output.

Exxon plans to send a technical assessment team to evaluate conditions on the ground, while Repsol says it could triple its Venezuelan production under the right framework.

Smaller independent drillers appear more eager. Bill Armstrong, who runs a US-based oil and gas firm, described Venezuela as “prime real estate” and said companies like his are ready to move quickly.

Yet experts caution that these investments would likely total tens of millions, not billions.

Rystad Energy estimates Venezuela would need $8–9 billion per year in new investment just to triple production by 2040—far short of Trump’s $100bn vision.

Conclusion

The Trump Venezuela oil plan has reignited global attention on one of the world’s richest yet most troubled oil producers. While the White House sees a rare opening to reshape Venezuela’s energy sector, the oil industry remains deeply skeptical.

Executives acknowledge the opportunity but demand stability, security, and clear rules before committing serious capital. Until those conditions materialize, Venezuela’s oil revival may remain more political promise than economic reality.

For now, Trump’s $100bn ambition stands as a bold vision—one that faces hard limits set by history, risk, and market realities.