Big Oil doesn’t share Trump’s dream of making Venezuelan oil great again
CNN••general
Key Points:
- Despite President Trump's enthusiasm for US oil companies accessing Venezuela’s vast oil reserves, industry insiders express reluctance due to Venezuela's unstable political environment, deteriorated oil infrastructure, and history of asset seizures.
- Venezuela’s oil sector requires massive investment—estimated at $53 billion to maintain current production and up to $183 billion to restore past output levels—at a time when low global oil prices reduce incentives for risky investments.
- Chevron remains the best-positioned US company in Venezuela, maintaining operations under a sanctions license, while ExxonMobil and ConocoPhillips face challenges recovering billions lost from previous nationalizations.
- Industry experts emphasize that political stability and long-term government outlook are critical for investment decisions, and currently, uncertainty in Venezuela’s governance deters commitment
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