US oil corporations such as ConocoPhillips, ExxonMobil and others are assessing potential involvement in the revitalisation of Venezuela’s energy sector, according to US Energy Secretary Chris Wright.
Speaking after discussions with company leaders, Wright emphasised the interest of American companies in re-entering the Venezuelan market following the apprehension of Venezuela’s president, Nicolas Maduro, reported Bloomberg.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Wright was quoted on Fox Business Network as saying: “Maybe we will get to a framework where they will go in in a large way again, but in the meantime, they are not going to sit on their hands.”
He mentioned that Chevron, currently the only major US oil company operating in Venezuela, is expected to boost its activities in the region soon.
This development coincides with US President Donald Trump’s upcoming meeting with oil industry executives at the White House.
The Trump administration intends to engage these companies in efforts to restore Venezuela’s dilapidated energy infrastructure and boost crude oil production.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIt is projected that repairing Venezuela’s deteriorated pipelines, storage terminals and equipment could require investment of $10bn annually over the next decade.
Oil companies remain cautious about significant investments without assurances of safety and financial stability post-Maduro.
Both ExxonMobil and ConocoPhillips previously operated within Venezuela but withdrew after nationalisation policies were implemented in the mid-2000s by former President Hugo Chávez.
Wright outlined Washington’s strategy to manage future Venezuelan oil sales, retaining proceeds within US-controlled accounts.
Recently, President Trump also announced that up to 50 million barrels of Venezuelan oil would be transferred for sale by the US, with the estimated proceeds of $2.8bn benefitting both nations.
Furthermore, President Trump has insisted that Venezuela grant the US complete access to its oil industry, only days after US forces detained President Maduro last weekend.
According to US officials, Washington will retain control over Venezuela’s oil sales and related revenues for an indefinite period.
Earlier this week, US forces intercepted the Marinera and M Sophia oil tankers in the Atlantic Ocean, both linked to Venezuela.
These actions form part of President Trump’s broader strategy to influence oil distribution in the Americas and pressure Venezuela to align with US policy objectives.
In a related scenario, certain undisclosed sources were cited by Reuters stating that Vitol has secured a preliminary US Government licence allowing it to begin talks on importing and exporting Venezuelan oil for a period of 18 months.
Meanwhile, India-based Reliance Industries also expressed willingness to purchase Venezuelan oil if authorised for non-US buyers, with Indian Oil and Hindustan Petroleum contemplating similar actions, reported Reuters.
Reliance ceased purchasing Venezuelan crude as of March 2025 following a 25% tariff imposition on such transactions by the Trump administration. The group’s last shipment was received in May of the previous year.
