WASHINGTON, D.C. — Major U.S. oil companies have largely declined to publicly endorse President Donald Trump’s claim that American energy firms are prepared to spend “billions and billions of dollars” rebuilding Venezuela’s oil industry following the removal of Nicolás Maduro.
Trump has repeatedly said U.S. oil giants would play a central role in modernizing Venezuela’s vast oil reserves, which are widely considered the largest in the world. Speaking at Mar-a-Lago and in media interviews, Trump said American companies would repair deteriorated infrastructure, sharply increase production, and sell oil internationally, describing the effort as both profitable and strategic for the United States.
So far, only Chevron — the sole remaining U.S. oil company operating in Venezuela — has responded publicly, stating it will continue operating in compliance with “relevant laws and regulations.” ExxonMobil and ConocoPhillips did not respond to requests for comment. Both companies exited Venezuela after the government nationalized the industry in the mid-2000s and later won multibillion-dollar arbitration awards through the World Bank, much of which remains unpaid.
The administration has maintained a full embargo on Venezuelan oil, with officials accusing the country of illegally seizing U.S. assets. According to Politico, administration officials have privately told executives that compensation claims could depend on whether companies return and reinvest in the country.
Venezuela currently produces roughly one million barrels per day, far below its peak in the 1970s. Analysts estimate restoring production to even partial former levels would require more than $100 billion in new investment, raising questions about corporate appetite amid global oil oversupply and political uncertainty.
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