President Trump wants a Venezuelan oil boom—but the majors aren’t quite convinced.
The White House is deploying Energy Sec. Chris Wright and Interior Sec. Doug Burgum to pressure executives from Exxon, Chevron, and ConocoPhillips to “spend billions” reviving Venezuela’s shattered oil sector.
Behind the scenes, the industry is wary: CEOs are demanding “boots-on-the-ground security,” financial guarantees, and clear contracts before reentering a country where they previously lost billions.
Quick math: Rystad Energy estimates it would cost between $110–$183B to restore peak production—a massive capital risk in a market that’s already oversupplied.