Overview
- At White House talks, Trump pressed Chevron, ExxonMobil, ConocoPhillips and others for at least $100 billion of investment and said Washington will decide which firms operate, with oil proceeds directed to purchases of U.S. goods.
- Energy Secretary Chris Wright estimated reconstruction costs at several tens of billions of dollars and said U.S. authorities will control Venezuelan oil sales indefinitely.
- ExxonMobil CEO Darren Woods noted the company’s assets were seized twice in Venezuela and said current legal and economic frameworks prevent new investment.
- Much of the country’s oil is heavy crude requiring specialized refining, reserve estimates remain contested, prices hover near $60 a barrel, and global supply exceeds demand by roughly 2 million barrels per day.
- Beyond oil, officials point to gold, coltan with lithium and rare earths, nickel and sizable gas reserves as targets, though prior mining contracts collapsed and some areas were dominated by nonstate armed groups.