Daijiworld Media Network - Washington
Washington, Jan 10: Senior leaders from leading U.S. and global energy companies indicated they are prepared to commit billions of dollars to Venezuela’s oil industry, provided new security assurances and political backing from the Trump administration are firmly in place.
During a White House meeting led by President Donald Trump, executives from Chevron, ExxonMobil, ConocoPhillips and other major firms described Venezuela as a strategic, long-term opportunity after years of decline driven by sanctions, underinvestment and deteriorating infrastructure.
Chevron Vice Chairman Mark Nelson said the company already has a strong operational footprint in the country and could scale up production quickly. He noted that Chevron employs about 3,000 workers across four joint ventures in Venezuela and has helped boost output from around 40,000 barrels per day to approximately 240,000 barrels per day.
Nelson said Chevron could immediately double production from those ventures, with additional increases achievable over the next 18 to 24 months.
ExxonMobil CEO Darren Woods said Venezuela holds significant resource potential but emphasized that meaningful legal and commercial reforms are a prerequisite for investment. Under current conditions, he said, the country remains unattractive for large-scale capital deployment.
Woods added that ExxonMobil would be ready to send a technical evaluation team within weeks if granted access, calling an on-the-ground assessment essential to understanding the industry’s current state.
ConocoPhillips CEO Ryan Lance praised Trump’s strategy of prioritizing economic engagement and energy development over prolonged confrontation, saying it offered renewed optimism for Venezuela’s future.
Halliburton CEO Jeff Miller said the oilfield services firm, which left Venezuela in 2019 amid sanctions, is eager to reenter the market. He noted that hundreds of Venezuelan Halliburton employees working abroad are hopeful for the chance to return home and resume operations.
Trump assured executives that companies choosing to invest would receive strong security protections, a commitment welcomed by industry leaders. Several executives stressed, however, that lasting political stability and reliable investment safeguards would ultimately determine how quickly and how deeply companies reengage.
Once among the world’s top oil producers, Venezuela has seen its output plunge over the past decade as sanctions, mismanagement and a lack of capital eroded its energy sector.