The Trump administration is planning meetings with executives from major US oil companies this week to discuss the future of Venezuela’s oil sector, according to a source familiar with the matter. The discussions follow the US military operation that led to the arrest of Venezuelan leader Nicolas Maduro.
The planned meetings are seen as central to Washington’s efforts to revive oil production in Venezuela, a country with the world’s largest proven crude reserves. US officials hope to encourage American energy firms to return after years of sanctions, nationalisation, and underinvestment crippled the industry.
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Despite President Donald Trump’s public remarks suggesting extensive engagement with oil companies, executives from Exxon Mobil, Chevron, and ConocoPhillips said no formal discussions have yet taken place. Industry sources said neither pre- nor post-ousting talks had occurred with the White House, contradicting the president’s claims.
The White House declined to comment directly on the meetings but said US oil companies were prepared to invest heavily in rebuilding Venezuela’s energy infrastructure. Trump has also suggested the government could subsidise companies to help restore facilities damaged during years of political turmoil and sanctions.
Analysts warn that reviving Venezuela’s oil output would require billions of dollars and years of sustained investment. Challenges include deteriorated infrastructure, legal uncertainty, unresolved arbitration claims, and questions over the country’s political stability and future US policy.
Chevron is currently the only major US oil company operating in Venezuela, exporting crude to US refineries under special arrangements. Exxon Mobil and ConocoPhillips exited the country years ago after their projects were nationalised and remain cautious due to past disputes and compensation claims.
Industry executives also noted that companies are wary of participating in group discussions with competitors because of antitrust concerns. Any decisions on investment, production levels, or timelines are likely to be approached cautiously and on an individual basis.
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While investors initially reacted positively to the developments, a US embargo on Venezuelan oil remains in place. Analysts say access to Venezuela’s reserves may improve sentiment, but concrete progress will depend on long-term political and regulatory clarity.