Trump’s Venezuela Oil Plan Meets Wall of Silence from Energy Giants

Donald Trump has boldly announced plans for American oil companies to invest billions in Venezuela’s oil infrastructure, but major energy corporations are staying notably quiet on the proposal. The US president claimed that industry giants are ready to pour massive investments into the country following Nicolás Maduro’s removal from power, yet the companies themselves have offered little confirmation of these plans.
Chevron, currently the only US oil company with operations in Venezuela, provided a carefully worded statement emphasizing compliance with laws and regulations while focusing on employee safety and asset integrity. The company stopped short of committing to any expansion plans or additional investments in the country, despite Trump’s enthusiastic predictions.
ExxonMobil, America’s largest oil company, declined to comment entirely on the president’s claims. ConocoPhillips took a similarly cautious approach, stating it would be premature to discuss future business activities in Venezuela. The lukewarm responses stand in stark contrast to Trump’s confident assertions about imminent multibillion-dollar investments.
Venezuela’s oil sector represents both opportunity and risk for international companies. The country holds approximately 17% of global oil reserves, making it an attractive prospect. However, production has plummeted from 3.5 million barrels daily in the 1970s to roughly 1 million barrels today due to decades of mismanagement, corruption, and underinvestment.
Industry analysts suggest that rebuilding Venezuela’s oil infrastructure to reach even 2 million barrels per day by the early 2030s would require approximately $110 billion in investment. Experts remain skeptical that companies will rush back into a country where the industry was nationalized under Hugo Chávez, noting that firms will want stability guarantees before committing substantial resources.