U.S. President Donald Trump met with executives from Exxon, Chevron, ConocoPhillips, and other major oil companies on Friday, urging them to invest $100 billion to revive Venezuela’s crumbling energy infrastructure and dramatically boost oil output.

Trump emphasized oil as the centerpiece of his strategy for Venezuela following a U.S. raid on January 3 that apprehended President Nicolás Maduro.

“American companies will have the opportunity to rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never, ever seen before,” Trump said at the White House meeting, flanked by top oil executives.

The president highlighted an agreement with Venezuela’s interim leadership to supply 50 million barrels of crude oil to U.S. refineries, promising this would help lower domestic energy prices.

Skepticism among oil majors

Despite Trump’s push, some U.S. oil giants remain cautious. Exxon CEO Darren Woods described Venezuela as currently “uninvestable,” citing past asset seizures and political instability.

Chevron, the only U.S. major still operating in Venezuela, expressed measured interest, while ConocoPhillips and other firms are reportedly hesitant to commit large-scale investments due to financial risks and political uncertainties.

Smaller independent and private equity-backed companies, however, voiced support for Trump’s approach and indicated readiness to market Venezuelan crude under U.S. licenses.

US security and financial backing

Trump assured companies that the U.S. would guarantee both physical and financial security for investments in Venezuela, though he did not provide detailed mechanisms.

Energy Secretary Chris Wright suggested the Export-Import Bank could potentially help fund large Venezuelan oil projects, lowering financial risk for investors.

Once producing 3.5 million barrels per day in the 1970s, Venezuela’s output has plummeted to roughly one percent of global supply due to decades of underinvestment. The country still holds the world’s largest oil reserves, making it a tempting, if challenging, opportunity for foreign investors.