At a White House summit with global oil executives, the US administration outlined plans for a massive, US-led investment in Venezuela's oil sector following the ouster of President Nicolas Maduro. The US President stated that oil companies, including US majors, are expected to spend at least $100 billion "very rapidly" to repair the country's "rotting" infrastructure and increase production, citing Venezuela's "tremendous reserves." A key assertion was that the United States, not Venezuela, will decide which oil companies are allowed to operate in the country, promising them "total safety, total security." The President framed the arrangement as contingent on a deal, stating, "If we make a deal, you’re going to be there for a long time. If we don’t make a deal, you won’t be there at all."

Industry Attendance and Initial Responses

The summit was attended by chief executives and senior representatives from major energy firms, including ExxonMobil, ConocoPhillips, Shell, Repsol, Eni, SLB, Halliburton, and Trafigura. Continental Resources founder Harold Hamm described Venezuela as a "real jewel." In public comments, executives were deferential. Chevron's vice chair, representing the company, thanked the administration and detailed Chevron's existing footprint, noting 3,000 employees in four joint ventures had increased production from 40,000 to 240,000 barrels per day over seven years. He expressed confidence in a path to immediately double liftings from these ventures and increase production by 50% within 18-24 months using existing assets.

Company-Specific Conditions and Concerns

While expressing readiness to engage, executives highlighted significant preconditions for large-scale investment. The CEO of SLB noted the company has 1,100 workers in Venezuela and 2,000 more ready to return, stating, "We are ready to scale, fast." The ExxonMobil CEO, however, described Venezuela as currently "uninvestable," referencing two past seizures of the company's assets since the 1940s. He insisted that "significant changes" are required, including to commercial frameworks, the legal system, investment protections, and hydrocarbon laws. With the right conditions and security guarantees, ExxonMobil could deploy an assessment team within two weeks. The ConocoPhillips CEO emphasized the need for bank involvement to restructure debt and finance investments, and called for restructuring Venezuela's entire energy system, including its state-owned oil company PDVSA. He revealed his company had written off $12 billion in losses from seized assets.

Administration Perspectives and Future Plans

US officials framed the development as a strategic national benefit. The Vice President stated that gaining access to Venezuela's reserves would make the US "richer," "more powerful," and "safer." The Secretary of State indicated the US would work "cooperatively" with Venezuela on future oil sales and stipulated that revenue from this oil must be used to purchase American goods, from oil equipment to food and medicine. The administration announced plans for a follow-up meeting the next week for executives who could not attend the initial session, with the President indicating deals with companies would be cut imminently.