The administration of US President Donald Trump is preparing to engage senior executives from leading American oil companies this week to explore pathways for reviving Venezuela’s battered oil sector following the dramatic removal of President Nicolas Maduro, according to sources familiar with the matter.
The discussions are central to Washington’s broader strategy to restore crude production in Venezuela home to the world’s largest proven oil reserves after nearly two decades of nationalisation, sanctions, and chronic underinvestment crippled output.
Despite President Trump’s public assertions that he had already consulted “all” major US oil companies, industry sources say no formal discussions have yet taken place with Exxon Mobil, Chevron or ConocoPhillips regarding operations in Venezuela, either before or after Maduro’s arrest.
Nobody in those three companies has had conversations with the White House about operating in Venezuela at this point, said one oil industry executive, directly contradicting the president’s weekend remarks.
According to CBS News, executives from the three companies are expected to meet Energy Secretary Chris Wright on Thursday, although it remains unclear whether meetings will be held jointly or on a one-on-one basis an issue complicated by strict US antitrust regulations governing collective discussions among competitors.
The White House declined to confirm the meetings but said the US energy sector stands ready to invest heavily in Venezuela.
All of our oil companies are ready and willing to make big investments in Venezuela to rebuild oil infrastructure destroyed by the illegitimate Maduro regime, said White House spokesperson Taylor Rogers.
Trump has floated the possibility of government subsidies to encourage US companies to re-enter Venezuela and rehabilitate its deteriorated oil infrastructure, which analysts say would require billions of dollars and years of sustained investment to restore output to meaningful levels.
US forces conducted a surprise overnight operation in Caracas on Saturday, detaining Maduro and transferring him to the United States to face narco-terrorism charges. Hours later, Trump publicly urged American oil giants to step in and revitalize Venezuela’s oil sector, where production has fallen to roughly one-third of its historical peak. However, industry analysts warn that severe infrastructure decay, legal uncertainties, unresolved compensation disputes, and political instability will significantly slow any recovery.
Chevron remains the only US major with active operations in Venezuela, exporting approximately 150,000 barrels per day to US Gulf Coast refineries under tightly controlled waivers. Exxon Mobil and ConocoPhillips exited the country following nationalisations under former president Hugo Chávez and are still entangled in arbitration and compensation claims worth billions of dollars.
I don’t see anyone besides Chevron committing capital in the near term, said one industry executive, citing unresolved legal and political risks.
Despite the uncertainties, markets reacted positively. The S&P 500 energy index climbed to its highest level since March 2025, with Exxon Mobil shares rising 2.2 percent and Chevron surging 5.1 percent, as investors bet on potential access to Venezuela’s vast reserves. Trump confirmed that the US embargo on Venezuelan oil remains fully in place for now, leaving the timing and scope of any corporate re-entry uncertain.