The administration of President Donald Trump is preparing to meet later this week with executives from U.S. oil companies to discuss ways to increase oil production in Venezuela following the removal of President Nicolás Maduro, according to a source familiar with the plans.
The meetings are central to the administration’s broader goal of encouraging major U.S. energy firms to return to Venezuela, nearly two decades after the country’s government took control of operations previously led by American companies.
However, executives from the three largest U.S. oil producers — Exxon Mobil, ConocoPhillips, and Chevron — said they have not yet held discussions with the White House regarding Maduro’s removal or potential future operations in Venezuela. Four industry executives familiar with the matter said this contradicts Trump’s weekend statements that he had already met with “all” U.S. oil companies both before and after Maduro was ousted.
“Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal, at this point,” one industry source said Monday.
The planned meetings are seen as critical to the administration’s ambition to revive Venezuela’s oil output and exports. The country, once a major oil producer and a former member of OPEC, holds the world’s largest proven oil reserves. Much of its crude can be processed by specialized refineries in the United States, making it particularly attractive to U.S. firms.
Analysts caution, however, that restoring Venezuela’s energy sector would require years of work and tens of billions of dollars in investment due to severe infrastructure deterioration.
It remains unclear which oil executives will attend the meetings or whether companies will participate individually or as part of a broader industry group.
The White House declined to comment directly on the planned discussions but said it believes the U.S. energy industry is prepared to re-enter Venezuela.
“All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild oil infrastructure destroyed by the illegitimate Maduro regime,” White House spokesperson Taylor Rogers said in a statement.
Exxon Mobil, Chevron, and ConocoPhillips did not immediately respond to requests for comment.
Trump told NBC News that the U.S. government may consider subsidizing oil companies to help them rebuild Venezuela’s energy infrastructure. When asked whether oil companies had been briefed in advance of the military operation that removed Maduro, Trump said they had not.
“No,” Trump said. “But we’ve been talking about the concept of, ‘what if we did it?’”
The outcome of the upcoming meetings could shape both the future of Venezuela’s oil industry and the role of U.S. companies in rebuilding the country’s energy sector.
