Trump seeks $100bn oil investment in Venezuela as industry voices caution

US President Donald Trump has urged American and international oil companies to channel at least $100bn into Venezuela’s struggling energy sector, but major industry leaders pushed back, calling the country too risky for significant investment.

At a White House meeting, executives acknowledged Venezuela’s vast reserves but warned that instability, past nationalisations and ongoing sanctions make the country unattractive. Exxon CEO Darren Woods said the firm had already seen its assets seized twice and would require sweeping changes before returning, describing Venezuela as currently “uninvestable.”

Chevron remains the only major US company still operating in Venezuela, though smaller international companies such as Repsol and Eni maintain limited output. Trump said his administration would determine which firms can participate and insisted that companies must deal directly with Washington rather than Venezuelan authorities.

The US has seized multiple tankers carrying sanctioned oil in recent days and is setting up a system to control Venezuela’s oil sales, redirecting revenue into US-managed accounts. Trump also signed an executive order blocking US courts from accessing those funds, arguing it would interfere with US foreign policy efforts.

Oil production in Venezuela has fallen to around one million barrels per day following years of economic collapse and sanctions. Some firms expressed interest in ramping up operations if political and legal conditions improve. Analysts, however, say major investment is unlikely without stability, security and stronger guarantees, and that Trump’s $100bn vision remains far from reality.