U.S. Oil Giants Eye Venezuela Amid Political Shift: Big Plans, Big Challenges

The Trump administration plans meetings with U.S. oil execs to discuss boosting Venezuelan oil production post-Maduro's ouster. Exxon, Chevron, and ConocoPhillips have yet to engage with the White House but are instrumental for future projects, despite hurdles like infrastructure and political uncertainty.

President Donald Trump's administration is organizing meetings with top U.S. oil companies to explore revitalizing Venezuelan oil production after the ousting of Nicolas Maduro. A critical step in reengaging these firms, who had operations nationalized two decades ago, hinges on this week's discussions.

Executives from Exxon Mobil, ConocoPhillips, and Chevron have not yet spoken with the administration regarding Maduro's ouster, despite Trump's claims. The meetings aim to boost U.S. influence in Venezuela, a nation with the world's largest oil reserves, but significant investment and time are crucial.

The White House is optimistic, suggesting American oil firms are prepared to rebuild Venezuela's crippled infrastructure. However, legal and political uncertainties persist. Only Chevron currently operates in Venezuela, while Exxon and ConocoPhillips face complex restitution and arbitration cases.

(With inputs from agencies.)