President Donald Trump said Thursday that oil companies will spend at least $100 billion in Venezuela.
Trump made his comments in a TV interview ahead of a meeting with oil executives on Friday.
“We’re going to meet with the biggest oil people in the world,” Trump said, adding that companies are expected to “rebuild the whole oil infrastructure” in Venezuela and collectively spend at least $100 billion.
The administration’s pitch comes as Venezuelan oil production remains far below its historical peak, hampered by years of underinvestment, mismanagement and sanctions.
Industry analysts say restoring output and repairing ageing facilities could require large capital outlays and extensive time.
However, experts and insiders have expressed skepticism about the scale and speed of the projected investments.
Some industry officials say U.S. oil majors are cautious about re-entering Venezuela without guarantees, given past asset seizures and ongoing political uncertainty.
Trump’s comments reflect broader White House ambitions to re-engage with Venezuela’s energy sector following recent shifts in U.S.-Venezuela relations.
Officials say ramped-up oil production and investment could benefit both Venezuelan and U.S. energy markets, though details on concrete commitments from companies remain unclear.