President Donald Trump convened a high-stakes White House meeting with oil industry titans, where hints of multi-billion-dollar commitments to Venezuela emerged. Leaders from Chevron, ExxonMobil, ConocoPhillips, and Halliburton signaled readiness to dive back in, provided security is locked down and the administration offers political cover.
The South American nation’s oil prowess has eroded sharply over ten years amid sanctions, mismanagement, and capital drought. Yet, with proven reserves rivaling giants, the upside is enormous for patient investors.
Chevron’s Mark Nelson detailed current ops: 3,000 workers across four ventures, output leaping to 240,000 bpd. ‘Full ramp-up now, major expansion soon after,’ he projected. ExxonMobil boss Darren Woods stressed regulatory fixes: ‘Immense oil, but business rules need overhaul. Our teams stand ready in weeks.’
Ryan Lance of ConocoPhillips called Trump’s strategy a game-changer, fostering hope post-years of strife. Halliburton’s Jeff Miller, post-2019 exit, voiced enthusiasm: ‘600 compatriots abroad await redeployment.’
Trump’s security vow energized the room. Consensus: enduring stability will fuel investment pace. This dialogue positions Venezuela for potential rebirth as an energy hub.