Top executives from leading US and global oil companies have expressed their willingness to invest significant amounts in Venezuela’s oil industry. They highlighted new security assurances and support from the Trump administration as crucial factors for their reentry. At a White House meeting led by President Donald Trump, representatives from Chevron, ExxonMobil, ConocoPhillips, and other firms viewed Venezuela as a promising long-term prospect despite previous challenges like sanctions and infrastructure deterioration.
Chevron’s Vice Chairman, Mark Nelson, mentioned the company’s substantial presence in Venezuela, with 3,000 employees across four joint ventures. He noted a substantial production increase from 40,000 to 240,000 barrels per day and outlined plans for further rapid expansion. ExxonMobil’s CEO, Darren Woods, emphasized the need for legal and commercial reforms in Venezuela to make it an attractive investment destination, stating that the current frameworks were inadequate for investment.
ConocoPhillips’ CEO, Ryan Lance, commended Trump’s energy investment approach as a positive alternative to prolonged conflict, offering renewed hope for Venezuela. Halliburton’s CEO, Jeff Miller expressed eagerness to return to Venezuela after exiting in 2019 due to sanctions, highlighting the potential to reemploy 600 Venezuelans globally. Trump assured participating companies of robust security guarantees, with executives emphasizing the importance of long-term stability and investment protections in determining the pace and scale of their investments.
