US President Donald Trump urged top oil executives to invest in Venezuela, pitching its vast reserves as newly accessible after Nicolas Maduro’s dramatic capture.
Speaking at the White House, Trump said Washington would decide which companies operate in Venezuela, promising security and sweeping control over future oil deals.
He told industry leaders they would deal directly with the United States, sidelining Caracas from negotiations over its own energy wealth.
Trump painted a picture of rebirth, claiming Venezuela had become “a whole different country” where foreign firms would finally find protection.
Yet the room’s mood cooled when ExxonMobil chief executive Darren Woods warned Venezuela remained “uninvestable” without deep legal and political reforms.
Woods cited two previous expropriations, saying any return would demand fundamental changes to Venezuela’s commercial and regulatory foundations.
The meeting came days after US forces seized Maduro, underscoring Trump’s open assertion that oil lay at the heart of his intervention.
He said discussions focused on rapidly rebuilding Venezuela’s decayed industry and lifting production by millions of barrels a day.
Executives from Chevron, ExxonMobil, ConocoPhillips, Shell, and major trading houses attended alongside senior US officials including JD Vance and Marco Rubio.
Trump later claimed participants had “sort of formed a deal” and were ready to invest at least $100 billion, offering no concrete details.
Energy analysts cautioned that paper reserves mask harsh realities, including obsolete infrastructure, heavy crude, and deep investor unease.
Rich Collett-White of Carbon Tracker said the economic viability of extracting Venezuela’s oil remains far less certain than its sheer volume.
Energy Secretary Chris Wright acknowledged rebuilding would “take time,” even as he suggested Washington would control the sector indefinitely.
Meanwhile, Venezuela’s interim president Delcy Rodriguez insisted her government remained in charge, while the state oil company confirmed talks with Washington.
Chevron remains the only licensed US operator, after ExxonMobil and ConocoPhillips exited in 2007 over state control demands.
Trump also said he cancelled further strikes after what he called Venezuelan “cooperation,” signalling a tactical pause amid rising geopolitical tension.
Once a major supplier to the United States, Venezuela now produces barely one percent of global crude after years of sanctions and neglect.
Trump views its reserves as a potential windfall, hoping revived flows could ease prices at American pumps.