Trump Presses U.S. Oil Firms to Rebuild Venezuela’s Oil Sector, Threatens Exxon Exclusion
Updated (4 articles)
Trump urges $100 billion private investment to revive Venezuela oil The president asked major U.S. oil companies to commit roughly $100 billion of private capital to rebuild Venezuela’s oil infrastructure within an 18‑month window, emphasizing that the United States will provide security but no direct funding[1][3]. He linked the plan to lower American gasoline prices and to expand U.S. energy influence after the recent raid that removed Maduro from power[2][4]. The administration presented the effort as a fast‑track, privately financed national initiative[1].
U.S. will select operators and control oil sales Trump told executives that the United States, not the interim Venezuelan authorities, will decide which firms may operate in the country and will oversee oil sales, maintaining leverage over revenues[2][4]. Selective sanctions relief is planned in coordination with interim Vice‑President Delcy Rodríguez, while the U.S. retains authority over export proceeds[2]. Diplomatic overtures include a small delegation assessing the reopening of the U.S. embassy in Caracas and meetings with opposition leader María Corina Machado[3].
Exxon Mobil labels Venezuela “uninvestable” under current rules Exxon CEO Darren Woods warned that the country’s commercial and legal framework, marked by past asset seizures, makes immediate re‑entry unattractive, calling it “uninvestable” today[2][3]. Woods said Exxon would consider deploying a technical team only if the Venezuelan government provided durable investment protections and substantial legal reforms[1]. The company’s stance contrasts with Trump’s suggestion that Exxon could be sidelined for insufficient enthusiasm[1].
Chevron and other firms express conditional interest Chevron, the only major U.S. firm still operating in Venezuela, signaled plans to increase production, while Spanish firm Repsol indicated it could triple output if legal certainty improves[2][3]. Both companies stressed that meaningful investment hinges on stable governance, revised hydrocarbon laws, and favorable terms[2].
Analysts and former officials stress need for stability and rule of law Former National Security Advisor John Bolton warned investors require a regime with the rule of law and durable protections before committing large sums[1]. Rystad Energy estimates billions of annual spending are needed to triple Venezuelan output, casting doubt on the feasibility of the $100 billion, 18‑month target[2]. The consensus among observers is that political stability and legal reforms are essential for any sizable private‑sector participation[1][2].
Sources (4 articles)
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[1]
Newsweek: Trump pushes US oil firms to rebuild Venezuela’s oil sector, hints Exxon may be sidelined – Details Trump’s push for private $100 bn investment, his threat to exclude Exxon, and skepticism from investors about legal protections.
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[2]
BBC: Trump seeks $100bn for Venezuela oil, but Exxon boss says country 'uninvestable' – Highlights the $100 bn goal, Trump’s control over operators, selective sanctions easing, and Exxon’s blunt assessment of uninvestability.
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[3]
AP: Trump urges oil executives to invest in Venezuela as U.S. seeks $100 billion – Covers the private‑funding narrative, post‑raid oil security context, Exxon’s legal concerns, and diplomatic steps toward embassy reopening.
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[4]
King5: Trump seeks $100 billion Venezuela oil investment with safety pledge after Maduro ouster – Emphasizes the rapid investment call, U.S. seizure of tankers, Exxon’s warning, and Trump’s safety guarantee for investors.
Timeline
Jan 9, 2026 – President Trump convenes a White House meeting with major oil executives and urges them to commit $100 billion of private capital to rebuild Venezuela’s oil sector after the U.S. raid that ousted Maduro. He tells the firms they will “deal with the United States, not the Maduro government” and promises “total safety” for investors, while asserting that the administration will decide which companies may operate in the country. [4]
Jan 9, 2026 – ExxonMobil CEO Darren Woods warns at the same meeting that Venezuela’s current commercial and legal framework “makes the country uninvestable today,” citing past asset seizures and demanding durable investment protections and changes to hydrocarbon laws before any re‑entry. [3][4]
Jan 9, 2026 – Chevron, the last major U.S. firm still active in Venezuela, pledges to boost production, and Spain’s Repsol says it could triple its output if political and legal certainty improve, showing conditional corporate optimism. Analysts note that billions of dollars a year are needed to triple production, and smaller firms would likely invest only tens of millions without stability. [1]
Jan 9, 2026 – The United States announces it will seize Venezuelan oil tankers and oversee the sale of 30‑50 million barrels of previously sanctioned crude, framing the action as a way to secure U.S. energy supplies, lower gasoline prices, and maintain leverage over the interim government led by Vice‑President Delcy Rodríguez. [3][4]
Jan 12, 2026 – While traveling on Air Force One, Trump reiterates the $100 billion private‑investment plan and hints he will sideline ExxonMobil if the company does not show “sufficient enthusiasm,” positioning Exxon as a reluctant partner in the national initiative. [2]
Jan 12, 2026 – At a private roundtable with leaders from Chevron, ExxonMobil and ConocoPhillips, Woods repeats that Venezuela remains uninvestable without substantial legal reforms, but adds that Exxon would deploy a technical team if invited and given security guarantees, indicating a conditional willingness to re‑enter. [2]
Jan 12, 2026 – Former National Security Advisor John Bolton warns investors that durable rule‑of‑law protections and changes to hydrocarbon legislation are essential for any large‑scale commitment, underscoring the diplomatic and regulatory hurdles that could stall the $100 billion plan. [2]