WASHINGTON — A high-profile meeting at the White House this week intended to rally U.S. and international oil companies around a massive investment push in Venezuela has underscored deep industry scepticism, particularly from ConocoPhillips, over any return to the South American nation’s struggling energy sector.
President Donald Trump hosted executives from major oil firms including ConocoPhillips, ExxonMobil and Chevron, along with international players such as Shell, Repsol and trading firms like Vitol and Trafigura, in a bid to secure private capital for rebuilding Venezuela’s oil industry after recent political upheaval. Trump has called for up to $100 billion in investment from the sector to rehabilitate Venezuela’s infrastructure and boost production, emphasising that this would involve private company money, not U.S. government funds and that Washington would provide protections for investors.
However, the reception from some executives was cautious at best. ConocoPhillips CEO Ryan Lance, whose company retains one of the largest outstanding claims against Venezuela for expropriated assets — reportedly around $12 billion — emphasised that fundamental issues remain unresolved. Industry sources say Lance reiterated that restructuring Venezuela’s sovereign debt and clear legal guarantees would be essential before committing major capital, reflecting longstanding concerns about political and investment risk.
Trump, for his part, downplayed retrospective claims, telling executives that past losses would not be part of future negotiations. “We’re going to start from even ground,” he said, insisting that companies could still earn significant profits in Venezuela’s vast oil sector without focusing on historical compensation.
ExxonMobil also spoke guardedly during the talks, with CEO Darren Woods publicly describing Venezuela as effectively “un-investable” under current conditions unless substantial legal and commercial reforms are made — a sentiment echoed by other industry leaders.
The White House gathering came amid broader U.S. efforts to control and market Venezuelan oil, with plans to move 30–50 million barrels of crude into U.S. markets under American oversight, a strategic shift made possible by recent political developments in Caracas.
Despite Trump’s push, oil executives stopped short of committing to firm investment pledges, highlighting a divide between government ambition and corporate calculation. Firms expressed interest in evaluating opportunities, but stressed that uncertainties surrounding legal protections, regulatory frameworks and long-term stability in Venezuela will likely dictate their decisions.
For Curaçao and nearby Caribbean economies — historically linked to Venezuelan oil through refining and logistics infrastructure — the outcome of these talks could have significant implications. Potential renewed crude flows and investment in Venezuelan production may reinvigorate nearby energy markets, but only if companies can be assured of viable, secure conditions.