ExxonMobil’s CEO Darren Woods stated on Friday that the company is evaluating the possibility of returning to Venezuela. During a meeting with President Donald Trump at the White House, Woods mentioned the importance of sending a technical team to assess the current industry situation and asset quality in Venezuela to understand how to assist in restoring production and re-supplying the market.
Woods further mentioned that the South American country is currently considered “uninvestable,” and before reinstating it as a focus market, proper security assurances must be obtained. He emphasized the need for significant changes in the environment, as their assets have been confiscated twice in the past, making it crucial for drastic transformations to occur for their potential return.
Meanwhile, Chevron, the only major U.S. oil company remaining in Venezuela after the nationalization wave 20 years ago, is planning an immediate production increase. Chevron’s Vice Chairman Mark Nelson stated at the White House that within the next 18 to 24 months, production could be boosted by approximately 50% within their rigorous investment plan framework.
Following the arrest of former Venezuelan leader Nicolás Maduro by the U.S. military last weekend, President Trump convened top executives from 17 major energy companies on Friday to discuss how to invest billions of dollars in rebuilding the country’s devastated oil industry.
The White House spokesperson Taylor Rogers pointed out that unprecedented investments in Venezuela’s oil infrastructure under President Trump’s leadership will benefit American citizens, energy companies, and the Venezuelan people collectively.
Despite sanctions, Chevron has continued ventures with the Venezuelan state-owned oil company PDVSA through waivers from both the Trump and Biden administrations. Chevron specializes in extracting heavy crude oil, the country’s primary resource, giving them a competitive advantage in increasing production, which currently stands at around 700,000 barrels per day. Chevron’s stock price rose by 6% following the news of Maduro’s arrest.
On the other hand, ExxonMobil withdrew from Venezuela in 2007 after their assets were nationalized without compensation. Despite unresolved disputes over billions of dollars in assets, the company is still considering the possibility of returning.
Geoffrey Pyatt, former Assistant Secretary of State for Energy Resources during the Biden administration, analyzed that the main conflict lies in the tempting geological resources and commercial opportunities versus the immense political risks, uncertainties, and outstanding claims.
Venezuela holds the world’s largest oil reserves, estimated at 300 billion barrels. Inspired by Maduro’s downfall, ExxonMobil’s stock also rose by 3%.
Investment manager David Byrns from American Century Investments, which holds shares in both Chevron and ExxonMobil, stated, “Investors want to see long-term stability and favorable financial terms to guard against the risk of asset nationalization, as seen in Venezuela’s past.”
Matthew Sallee, the investment director at Tortoise Capital, expressed concerns about Venezuela’s collapsing infrastructure. He mentioned the likelihood of selling shares if Chevron announces investing billions of dollars annually in Venezuela.
Participants at the White House meeting included Chevron, ExxonMobil, ConocoPhillips, Repsol from Spain, as well as the trading companies Vitol and Trafigura.
The Trump administration’s “Three-Phase Plan” – stabilizing the situation, involving American companies in recovery, and promoting transformation – aims to indefinitely control oil revenue for the benefit of Venezuela and the United States. Temporary Venezuelan leader Delcy Rodriguez implied openness to international commercial energy agreements, yet many questions remain, including monitoring the transition process.
According to a report by Morningstar on January 5, rebuilding Venezuela’s oil industry could cost between $180 billion to $200 billion, with little return expected in the next few years. Past expropriations have caused American companies approximately $60 billion in losses, including ConocoPhillips’ $8.5 billion loss, a ruling supported by the court in 2025.
However, President Trump remains optimistic, believing that with security guarantees from the U.S., operations could restart in less than 18 months, primarily hiring local Venezuelan workers. Vice President JD Vance emphasized that oil sales must prioritize American interests.