Donald Trump seeks $100 bn investment push in Venezuela, US oil firms cautious

New Delhi, Jan 11: US President Donald Trump has urged American oil companies to commit at least $100 billion to Venezuela’s energy sector, but industry leaders offered a cautious response, with one executive warning the country remains “uninvestable,” BBC reported.

At a White House meeting, executives acknowledged Venezuela’s vast oil reserves and long-term potential but said major reforms would be needed before large-scale investment could flow. No immediate financial commitments were announced.

Trump said the US aimed to boost Venezuelan oil production following the seizure of President Nicolás Maduro in a January raid, arguing that increased output would help lower global energy prices. Oil executives, however, voiced concerns over political risk and past experience. ExxonMobil chief executive Darren Woods said the company’s assets had been seized twice in Venezuela, adding that re-entering would require “pretty significant changes” to the current environment.

Chevron remains the only major US oil firm operating in Venezuela, while Spain’s Repsol and Italy’s Eni are among a small group of foreign companies still active.

Trump said Washington would decide which firms would be allowed to operate, stressing that companies should deal directly with the US rather than Venezuelan authorities.

The White House said it is working to selectively roll back sanctions on Venezuelan oil sales, while retaining control over revenues by depositing proceeds into US-managed accounts.

Trump also signed an executive order barring US courts from seizing Venezuelan oil revenues held in the Treasury, citing foreign policy and stability concerns.