Trump says oil companies will spend $100 billion in Venezuela

President Trump met U.S. oil executives on Jan. 9 and urged them to invest at least $100 billion to rebuild Venezuela's oil infrastructure; some company leaders warned they need legal, financial and security guarantees before returning.

President Donald Trump hosted executives from major U.S. oil companies at the White House on Jan. 9 to discuss rebuilding Venezuela's oil infrastructure. He said the companies would spend at least $100 billion of their own money to upgrade facilities and suggested firms would quickly recoup investments while the U.S. would provide security guarantees. The meeting included senior administration officials and followed recent U.S. actions in Venezuela. Several industry leaders voiced caution about returning without clearer legal and commercial protections. Key points: - The president said U.S. oil companies would spend at least $100 billion to restore Venezuelan oil operations and that security guarantees would be provided. - Some executives, including ExxonMobil CEO Darren Woods, described Venezuela as effectively "uninvestable" without durable legal, financial and security protections. - Chevron said it still operates in Venezuela and officials suggested the company could increase liftings from existing joint ventures. - Company leaders raised concerns about past nationalizations and seized assets and requested clearer commercial and legal frameworks before large-scale investments. - Vice President J.D. Vance, Secretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum attended the meeting. Summary: The meeting illustrated the administration's push to enlist U.S. oil firms to revive Venezuela's dilapidated oil sector while industry representatives stressed significant legal, financial and security hurdles. Negotiations on deal terms were reported to continue privately, and the final outcome is undetermined at this time.