$100 billion investment plan discussed to boost oil production

U.S. President Donald Trump has called on major American oil companies to invest heavily in Venezuela, aiming to revive the country’s deteriorating energy industry and dramatically expand oil production.

Speaking at a high-level meeting at the White House on Friday, Trump urged executives from some of the world’s largest oil firms to commit up to $100 billion toward rebuilding Venezuela’s oil infrastructure. He described oil as the cornerstone of his administration’s strategy for the South American nation following recent political developments.

“American companies will have the opportunity to rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never, ever seen before,” Trump said at the opening of the meeting.

The President was joined by senior executives from Exxon Mobil, ConocoPhillips, Chevron, and other major energy companies. Trump said the U.S. government would determine which companies are granted access to operate in Venezuela.

Trump also highlighted an agreement with Venezuela’s interim leadership to supply 50 million barrels of crude oil to the United States. He noted that many U.S. refineries are specially equipped to process Venezuelan crude and said continued deliveries could lead to lower energy prices for American consumers.

At the same time, U.S. forces continue to enforce an embargo on Venezuelan oil, including the seizure of oil tankers at sea. Officials said the U.S. intends to maintain control over Venezuela’s oil revenues to curb corruption and drug trafficking and to ensure alignment with American interests.

The plan has drawn criticism from some Democratic lawmakers, who have described the approach as coercive. Industry analysts have also warned that Venezuela’s political instability presents significant risks for long-term investment.

Exxon CEO Darren Woods said Venezuela is currently “uninvestable,” citing past nationalization of company assets. However, he added that meaningful reforms and cooperation with the Trump administration could eventually make investment possible.

Chevron Vice Chairman Mark Nelson said Chevron remains committed to Venezuela and is currently the only major U.S. oil company still operating in the country.

Despite possessing the world’s largest proven oil reserves, Venezuela now produces only about 1% of global oil supply, down from roughly 3.5 million barrels per day in the 1970s. Decades of underinvestment have severely weakened its energy infrastructure.

Trump said the U.S. would guarantee the physical and financial security of companies investing in Venezuela, though specific details were not provided. Energy Secretary Chris Wright also indicated that U.S. financing tools, including the Export-Import Bank, could be used to support large-scale oil projects.

The administration says ongoing talks are focused on securing firm commitments from oil companies as part of a broader effort to reshape Venezuela’s energy sector and global oil markets.