Exxon CEO Darren Woods warns Venezuela is “uninvestable” without major reforms, as President Donald Trump urges US oil giants to back a $100 billion plan to revive the country’s energy sector.
WEBDESK – Act Global Media – January 10, 2026
Major US oil executives are pushing back against President Donald Trump’s ambitious plan to pump at least $100 billion into rebuilding Venezuela’s shattered oil sector, with Exxon Mobil CEO Darren Woods bluntly warning that the country remains “uninvestable” without sweeping legal and political reforms.
Trump convened nearly 20 energy leaders at the White House on Friday, urging them to move quickly to revive production in the oil-rich nation following the dramatic capture of Venezuelan leader Nicolás Maduro. The president predicted an agreement could be reached “today or very shortly thereafter,” promising security guarantees and rapid returns for companies willing to enter Venezuela.
But industry leaders struck a far more cautious tone.
“If we look at the legal and commercial constructs in place today in Venezuela, it’s uninvestable,” Woods said, noting Exxon’s assets had been seized twice by the Caracas government. He questioned the durability of financial protections, future returns and legal frameworks needed for long-term investments, though he added Exxon was prepared to deploy a team if conditions and security guarantees improve.
Trump, pressing executives for commitments, warned that unwilling firms could be replaced. “If you don’t want to go in, just let me know, because I’ve got 25 people that aren’t here today that are willing to take your place,” he said.
While some executives praised Trump’s vision and acknowledged Venezuela’s vast untapped reserves, few offered concrete pledges. Continental Resources founder Harold Hamm, a longtime Trump ally, said the opportunity “excites me as an explorationist” but stressed that massive investments would take time.
Trump emerged from the meeting declaring success. “We sort of formed a deal,” he told reporters, claiming companies would invest “hundreds of billions of dollars” in Venezuelan drilling. Yet Energy Secretary Chris Wright pointed to Chevron as the only firm with a clear commitment so far.
Chevron, the sole major US oil company still operating in Venezuela, said it could boost production by about 50% over the next 18 to 24 months from current levels of roughly 240,000 barrels per day.
The administration argues the plan would strengthen US energy security, lower fuel prices and counter Chinese and Russian influence in the region. “If we didn’t do this, China or Russia would have done it,” Trump said.
Still, concerns remain over political risk, potential price suppression from increased crude supply and the immense cost of repairing Venezuela’s decayed infrastructure. Industry leaders warn that rebuilding abandoned rigs, pipelines and refineries could take years and tens of billions of dollars before production meaningfully rebounds.
Despite Trump’s confidence, the stark contrast between White House optimism and oil executives’ caution underscores the steep challenges facing any effort to unlock Venezuela’s vast reserves.
