Trump Presses Oil Executives for $100 Billion Venezuela Investment

On January 9, 2026, President Donald Trump held a meeting at the White House with top executives from leading U.S. oil companies to discuss potential investment in Venezuela’s oil infrastructure.

During the meeting, Trump called on companies including ExxonMobil, Chevron, and ConocoPhillips to commit at least $100 billion of their own capital to support rebuilding efforts in Venezuela’s energy sector. He stated that the U.S. government would not provide funding for the initiative but assured the executives of “total safety” and security guarantees for their operations in Venezuela.

ExxonMobil CEO Darren Woods stated that Venezuela is currently not a viable location for new investment without substantial changes to its legal and commercial environment. He described the country as “uninvestable” under existing conditions, citing the need for reforms before any major commitments could be considered.

Chevron Vice Chairman Mark Nelson said the company, which already has operations in Venezuela, could potentially increase its oil output in the country by approximately 50 percent within 18 to 24 months. This projection was made in the context of ongoing discussions about expanding activity in the region.

What the numbers show

• The proposed investment target is at least $100 billion
• Chevron estimates a possible 50% output increase in Venezuela in 18–24 months
• ConocoPhillips wrote off about $12 billion from past expropriations in Venezuela

ConocoPhillips CEO Ryan Lance stated that the company had previously written off around $12 billion related to past expropriations in Venezuela. This financial action reflects earlier losses the company experienced in the country’s oil sector.

The White House meeting focused on encouraging private sector involvement in Venezuela’s oil industry, with Trump emphasizing that any investment would be made solely with company funds. The security assurances offered were intended to address concerns about operating conditions in Venezuela.

Industry reaction

Executives from ExxonMobil and Chevron described the challenges and potential opportunities in Venezuela, with ExxonMobil highlighting the need for reforms and Chevron outlining possible production increases. ConocoPhillips referenced its previous financial losses in the country as a factor in its considerations.

Companies attending the meeting did not announce immediate investment commitments but acknowledged the discussion of risks and requirements for future involvement in Venezuela’s oil sector.

* This article is based on publicly available information at the time of writing.