President Donald Trump said U.S. oil companies will play a role in the redevelopment of the Venezuelan economy after the U.S. captured its leader Nicolás Maduro in a weekend military raid. So far, oil companies are staying on the sidelines.
Trump said he spoke with oil companies before the U.S. raid that captured Venezuelan leader Nicolás Maduro
Signage outside the Chevron Corp. headquarters in Houston, Texas, US, on Wednesday, Oct. 8, 2025. (Mark Felix/Bloomberg via Getty Images)
President Donald Trump said U.S. oil companies will play a role in the redevelopment of the Venezuelan economy after the U.S. captured its leader Nicolás Maduro in a weekend military raid. So far, oil companies are staying on the sidelines.
On Sunday, Trump reiterated his belief that major oil firms will be eager to take advantage of Venezuela's vast oil reserves and begin pumping oil. He said he'd been speaking with oil companies leading up to Saturday's military operation.
"They want to go in and they’re going to do a great job," the president told reporters aboard Air Force One. He added that "we're going to have big investments by the oil companies... and the big oil companies are ready to go."
However, energy experts say the concerted effort to revive the ailing Venezuelan oil industry is an endeavor that would likely span many years and at least tens of billions of dollars. The country's oil sector has been battered by U.S. sanctions, mismanagement, and corruption that has hollowed it of technical expertise. Venezuela's daily oil output hovers at around 900,000 barrels per day, under half of its pre-Maduro highs when it stood around 2 million barrels per day.
Oil prices are low. It was trading at roughly $58 per barrel on Tuesday morning with no major shock to prices given Venezuela's small role in the current global oil market. All combined, the unstable environment and oil glut likely serve to disincentivize oil companies from making new investments to ramp up production in what could be hostile terrain. In addition, Secretary of State Marco Rubio has said oil sanctions will remain in place, part of an effort to coerce the Venezuelan government to accede to U.S. demands.
Chevron $CVX is the sole U.S. oil company with a foothold in the country after its license was renewed by the Trump administration in July 2025. It's responsible for a quarter of Venezuela's daily oil production, and issued a cautious statement emphasizing it is abiding by existing law.
"Chevron remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets," Chevron spokesperson Bill Turenne said in a statement to Quartz. "We continue to operate in full compliance with all relevant laws and regulations.”
Other U.S. oil companies have long exited the country. Two notable examples are ExxonMobil $XOM and ConocoPhillips $COP, which left Venezuela after Maduro's predecessor Hugo Chávez partly nationalized the oil industry in 2007. Both oil giants have since sought to reclaim their expropriated assets with little success.
"ConocoPhillips is monitoring developments in Venezuela and their potential implications for global energy supply and stability," ConocoPhillips spokesperson Dennis Nuss told Quartz in a statement. "It would be premature to speculate on any future business activities or investments."
ExxonMobil did not immediately respond to a request for comment.
The American Petroleum Institute, the largest trade association for the oil and natural gas industry, only said it was tracking the situation while stressing the importance of U.S. energy leadership. “We’re closely watching developments involving Venezuela and any potential implications for global energy markets," said Bethany Williams, an API spokesperson.
For its part, the new Venezuelan government is largely composed of the same Chavista officials that held power under Maduro.
On Sunday, Venezuela's Supreme Court recognized Delcy Rodríguez — an ex-oil minister — as the acting president on Sunday, only a day after she vowed that the country will "not be anyone's colony" in fiery remarks denouncing Maduro's capture.
She issued a much more diplomatic message on Sunday evening calling for a “cooperation agenda” between the U.S. and Venezuela built on mutual respect.
Maduro is currently being held at a correctional facility in New York City to stand trial on drug-trafficking charges.
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