US President Donald Trump has unveiled a bold plan to woo the world's biggest oil firms with promises of lucrative investment in Venezuela, but his efforts have been met with lukewarm reception from industry executives.
Trump's administration has asked for at least $100bn (£75bn) in oil industry spending for Venezuela, a country sitting on vast energy reserves that could significantly boost global supply. However, bosses from the biggest US oil firms who attended the meeting acknowledged that significant changes would be needed to make the region an attractive investment.
"We have 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 and what is currently the state," said Darren Woods, CEO of Exxon.
"Today it's uninvestable," he added.
Oil firms like Chevron, which accounts for about a fifth of Venezuela's output, have expressed caution about investing in the country due to its turbulent past, corruption, and lack of stability. The US has seized several oil tankers carrying sanctioned crude, but analysts say that significant changes are needed before big commitments can be made.
"Exxon and Shell are not going to invest single-digit billions of dollars, much less tens of billions of dollars," said David Goldwyn, president of the energy consultancy Goldwyn Global Strategies. "The conditions are just not right."
Even smaller companies might be more eager to jump in and help boost Venezuela's oil production over the next year, but those investments would likely hover in the $50m range, far from Trump's suggested $100bn.
Trump's administration has made it clear that they intend to exert control over the sales of Venezuelan oil as a way to maintain leverage over the government. The US this week has seized several oil tankers carrying sanctioned crude and is working to set up a sales process that would deposit money raised into US-controlled accounts.
The situation in Venezuela remains uncertain, and analysts say it's difficult to see big commitments from oil firms before a fully stabilized political situation is established. Trump's administration has also signed an executive order that prohibits US courts from seizing revenue that the US collects from Venezuelan oil and holds in American Treasury accounts.
In reality, the US involvement in Venezuela could last years, according to Trump, who said his administration would continue to exert control over the sales of Venezuelan oil as a way to maintain leverage over the government.
Trump's administration has asked for at least $100bn (£75bn) in oil industry spending for Venezuela, a country sitting on vast energy reserves that could significantly boost global supply. However, bosses from the biggest US oil firms who attended the meeting acknowledged that significant changes would be needed to make the region an attractive investment.
"We have 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 and what is currently the state," said Darren Woods, CEO of Exxon.
"Today it's uninvestable," he added.
Oil firms like Chevron, which accounts for about a fifth of Venezuela's output, have expressed caution about investing in the country due to its turbulent past, corruption, and lack of stability. The US has seized several oil tankers carrying sanctioned crude, but analysts say that significant changes are needed before big commitments can be made.
"Exxon and Shell are not going to invest single-digit billions of dollars, much less tens of billions of dollars," said David Goldwyn, president of the energy consultancy Goldwyn Global Strategies. "The conditions are just not right."
Even smaller companies might be more eager to jump in and help boost Venezuela's oil production over the next year, but those investments would likely hover in the $50m range, far from Trump's suggested $100bn.
Trump's administration has made it clear that they intend to exert control over the sales of Venezuelan oil as a way to maintain leverage over the government. The US this week has seized several oil tankers carrying sanctioned crude and is working to set up a sales process that would deposit money raised into US-controlled accounts.
The situation in Venezuela remains uncertain, and analysts say it's difficult to see big commitments from oil firms before a fully stabilized political situation is established. Trump's administration has also signed an executive order that prohibits US courts from seizing revenue that the US collects from Venezuelan oil and holds in American Treasury accounts.
In reality, the US involvement in Venezuela could last years, according to Trump, who said his administration would continue to exert control over the sales of Venezuelan oil as a way to maintain leverage over the government.
Please, it's like trying to put out a forest fire with a squirt gun. You gotta earn that trust through concrete actions, not empty promises and executive orders. And what's up with $100bn investment? That's like asking a kid if they want a million lollipops for their birthday. It's just not realistic.
what's really going on here? Trump's just trying to get rich off Venezuela's oil, right? But it's not that simple. I mean, have you seen the state of the country? Corruption, instability... it's like a ticking time bomb. And then there's the US trying to exert control over every step of the way... 
it sounds like some kind of shady deal. And what about all these seizures of oil tankers? Just a coincidence that they're all carrying sanctioned crude? 
Not buying it. I think Trump's just using this as a way to line his own pockets, but he's not being transparent about it. It's like, we should be looking out for the people of Venezuela, not some big corporations. 
. The fact that the oil firms are saying it's uninvestable in Venezuela is like, pretty obvious. I mean, have you seen the news about the seized tankers and the corruption? It's not exactly a safe place for businesses to invest. And Trump thinks $100bn is a good starting point? Give me a break 
. It's more like they're asking them to play Russian roulette with their money.
? I don't get why the US can't just let Venezuela have its own economy and not interfere. It's all so... complicated 
its like trump wants everyone to just invest in venezuela without thinking about all the issues there...i mean i get that america wanna control some oil but doesnt it make more sense 2 do thats with countries like iran or saudi arabia where theres already good relations? 
like what is going on with trump and venezuela?? he thinks $100bn investment will just magically fix everything?? 
but really they're not going to risk their company with that kind of uncertainty. I mean Chevron is already getting $50m from smaller companies lol what a joke! 
the US has been all over venezuela like it owns the place though 
so idk how much longer this whole thing lasts