In a pivotal White House summit chaired by President Trump, CEOs of major U.S. oil majors expressed keen interest in revitalizing Venezuela’s oil industry with massive investments. Chevron, ExxonMobil, ConocoPhillips, and Halliburton leaders outlined plans to resume operations, contingent on firm security assurances and supportive policies.
Venezuela’s oil sector, long hobbled by sanctions, poor governance, and underinvestment, holds promise for decades of production. Executives painted a picture of rapid resurgence if barriers lift.
‘Our joint ventures already employ 3,000 and produce 240,000 barrels daily, up from 40,000. We can hit 100% lifting right away and scale further within two years,’ Chevron’s Mark Nelson revealed, showcasing operational momentum.
ExxonMobil’s Darren Woods pointed to abundant resources but flagged inadequate legal frameworks. ‘We’re prepared to send experts in weeks for on-ground evaluation,’ he affirmed. ConocoPhillips’ Ryan Lance hailed the shift to energy diplomacy, breathing fresh optimism into the nation.
Halliburton, which pulled out in 2019, is poised for comeback. ‘Our 600 Venezuelan staff globally are ready to return,’ CEO Jeff Miller noted. Trump pledged ironclad protections, while leaders agreed long-term stability is key to unlocking billions in flows.
From global leader to production shadow over a decade, Venezuela’s turnaround hinges on this momentum. The industry awaits policy signals to unleash its potential.
