U.S. Oil Giants Eye Venezuelan Reserves After Regime Change

The Trump administration plans to meet U.S. oil executives to discuss investing in Venezuelan oil production after Nicolas Maduro's ousting. Key companies Exxon Mobil, ConocoPhillips, and Chevron have not yet engaged in talks. Overcoming political instability and infrastructure shortfalls will be crucial for revitalizing oil operations.

The Trump administration is set to engage with top U.S. oil companies this week, considering investments to boost Venezuela's oil output following the overthrow of its leader, Nicolas Maduro. The move aims to reintroduce U.S. energy operations to the resource-rich South American nation after nearly two decades.

Despite President Trump's assertions of talks, major oil firms Exxon Mobil, ConocoPhillips, and Chevron have denied discussions over Venezuela. These upcoming meetings could be pivotal for the administration's goal to enhance Venezuelan crude production and exports, though substantial financial and time investments are necessary.

Analysts express concerns over infrastructure issues and the nation's uncertain political future. Chevron remains the only U.S. player in Venezuela's oil sector, with Exxon and ConocoPhillips' operations previously halted by nationalization. The oil industry's next steps could reshape U.S. engagement in Venezuela's extensive oil reserves.

(With inputs from agencies.)