Above photo: Chip Somodevilla/Getty Images.
“Uninvestable.”
The US Energy Secretary denies ‘stealing’ Venezuelan oil, despite a plan to hold revenues in offshore accounts under US control.
At a meeting at the White House on 9 January, the CEOs of major US energy firms expressed skepticism about participating in President Donald Trump’s scheme to invest $100 billion to “revive” Venezuela’s sanctions-battered oil sector.
The meeting took place one week after US Special Forces abducted Venezuelan President Nicolas Maduro and his wife and transferred them to New York to stand trial on trumped-up “narco-terrorism” charges.
After abducting Maduro, Trump said the US would “take over” Venezuela’s oil reserves, which are considered the largest in the world.
“It’s uninvestable,” ExxonMobil CEO Darren Woods told White House officials after hearing Trump’s proposal to invest in the country.
“There are a number of legal and commercial frameworks that would have to be established to even understand what kind of returns we would get on the investment.”
CNN reported that other executives “expressed similar reluctance,” warning Trump would need to provide extensive security and financial guarantees before beginning a long-term effort to revive an oil sector battered by decades of US sanctions.
ConocoPhillips CEO Ryan Lance and Chevron Vice Chairman Mark Nelson attended. Executives from oil services providers Halliburton, Valero, and Marathon were also present, among others.
Trump wants US oil companies will spend at least $100 billion to rebuild Venezuela’s energy sector, saying that the US military will provide security and protection so “they get their money back and make a very nice return.”
🇺🇸🇻🇪 Trump: “If we didn’t do this, China or Russia would have done it, annex Venezuela.
HE LITERALLY DID THE MEME!!!
“If I don’t steal it, someone else will.” pic.twitter.com/YrdxMSYhSz
— DD Geopolitics (@DD_Geopolitics) January 9, 2026
After the CEOs of the major energy firms hesitated to commit to Trump’s plan, he claimed that other smaller oil firms want the opportunity.
“If you don’t want to go in, just let me know, because I’ve got 25 people that aren’t here today that are willing to take your place,” he told the executives.
In addition to security concerns, multiple executives expressed concern that Trump could not guarantee that any deals he strikes with companies will remain in force after he leaves office or in the event of a future regime change in Venezuela.
Trump sought to reassure the group that they would have “total safety, total security,” but did not provide details of how he would do so, or how he would pay for it.
Before the meeting, Trump claimed he would decide which oil companies would be allowed to enter Venezuela, and that the White House would “cut a deal with the companies” within a few days.
“One of the things the United States gets out of this will be even lower energy prices,” Trump claimed.
Venezuela is estimated to have the largest proven crude oil reserves in the world at 303 billion barrels or about 17 percent of the global total.
In the 1990s, Venezuela’s oil production was 3.5 million barrels per day (bpd). However, decades of US sanctions have left its oil industry in poor condition.
Currently, Venezuela’s output has dropped to about 800,000 bpd, based on data from energy consulting firm Kpler.
🇺🇸🇻🇪 The Supreme Leader of the American Regime thanks Venezuela for “giving them 30 million barrels of oil.”
Why are Americans surprised at the videos of people looting stores and shops when their leaders act like this? pic.twitter.com/NQPsIDS69S
— DD Geopolitics (@DD_Geopolitics) January 9, 2026
Chevron is the only US oil company currently operating in Venezuela through a joint venture with state oil company Petróleos de Venezuela (PDVSA).
Exxon and Conoco exited the country after former President Hugo Chavez nationalized their assets in 2007.
“We’ve had our assets seized there twice, and so you can imagine, to re-enter a third time would require some pretty significant changes from what we’ve historically seen,” Exxon’s Woods said.
After the meeting, Energy Secretary Chris Wright stated that the US has taken control of Venezuela’s oil exports to pressure the government in Caracas.
He said that Venezuela will ship tens of millions of barrels to the US, which the Trump administration will then sell, holding the proceeds in offshore, but US-controlled, accounts.
The US is not stealing Venezuela’s oil, the energy secretary claimed.
“We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” Wright said.
Trump said Wednesday that the revenue from the oil will be used to purchase US-made products.
