U.S. President Donald Trump said ExxonMobil is among major American companies preparing to enter Venezuela as Washington accelerates efforts to revive the country’s oil industry and secure access to its vast crude resources. Any major return by Exxon would represent a significant shift for a company that left Venezuela following the nationalization of its assets nearly two decades ago.

The developments place Venezuela back at the center of global energy markets, where geopolitical access to reserves, investment protections and production capacity are increasingly important considerations. The potential reopening of the country to large international energy companies could have implications for oil supply, regional investment flows and the strategic position of the United States in Latin America’s energy sector.

Exxon Could Return After a Nearly Two-Decade Absence

Trump said ExxonMobil, the largest U.S. oil major, was among several companies planning to do business in Venezuela. Exxon declined to comment on the president’s remarks, and the company has not publicly confirmed a new investment agreement.

A return would be particularly significant given Exxon’s history in the country. The company exited Venezuela after its assets were nationalized, making any renewed involvement dependent on a substantially different commercial and legal environment. Exxon Chief Executive Darren Woods previously described Venezuela as “uninvestable” during a White House meeting in January, arguing that more durable protections would be necessary before major capital commitments could be justified.

Exxon said in March that it would send a technical team to Venezuela to study potential opportunities, although the company has remained largely silent about its longer-term plans. Its experience in neighboring Guyana could provide important regional expertise: Exxon operates the prolific Stabroek Block, which currently produces more than 900,000 barrels of oil per day.

Washington Pushes for Greater Access to Venezuelan Crude

Trump said the United States was already moving millions of barrels of Venezuelan oil to refineries in Texas and Louisiana, describing the broader effort as beneficial to both American companies and the Venezuelan oil sector. U.S. and Venezuelan officials are expected to sign an agreement in Caracas that would grant the United States access to a fifth of Venezuela’s crude reserves, according to Reuters.

The precise commercial and legal structure of that arrangement will be closely watched. Venezuela holds some of the world’s largest proven oil reserves, but converting reserves into sustained production requires substantial investment in infrastructure, technology and operational capacity.

For Washington, increased involvement in Venezuelan energy could carry both commercial and geopolitical objectives. Greater access to regional crude supplies could strengthen links between Venezuelan production and U.S. refining capacity while giving American companies a larger role in rebuilding an industry that has suffered from years of underinvestment and political instability.

Global Energy Companies Position for New Projects

Exxon is not the only company potentially involved in Venezuela’s reopening. Chevron, GE Vernova, India’s ONGC, Italy’s Eni and Colombia’s GeoPark are also on track to announce new or expanded projects, according to Reuters.

This growing list illustrates the scale of commercial interest surrounding Venezuela’s potential return to international energy markets. Oil companies, service providers and infrastructure groups could all play different roles, from crude production and field development to power generation and modernization of industrial facilities.

However, the opportunity is accompanied by substantial risks. Companies considering long-term projects will need clarity over ownership rights, contracts, taxation and political stability. Exxon’s previous experience remains an important reminder that access to major reserves does not automatically translate into commercially sustainable investment.

What Global Energy Markets Will Watch Next

The immediate focus will be on whether Exxon formally confirms plans to enter Venezuela and on the details of the expected U.S.-Venezuela oil agreement. Investors and energy markets will also monitor which companies secure projects, how production arrangements are structured and whether investment protections are sufficiently durable to support large-scale capital commitments.

Venezuela’s potential reopening represents a significant opportunity to bring additional resources into global oil supply, but the pace of development will depend on far more than political announcements. The durability of contracts, the willingness of companies to commit capital and the country’s ability to rebuild production infrastructure will determine whether Venezuela becomes a lasting source of expanded output or remains a market defined by considerable potential and equally substantial uncertainty.