Venezuela’s oil production has been hit in recent decades by disinvestment and mismanagement – as well as US sanctions. At roughly one million barrels per day, the country accounts for less than 1% of global supply.
Chevron, which accounts for about a fifth of the country’s output, said it expected to bolster its production, building on its current presence, while Exxon said it was working to send in a technical team to assess the situation in the coming weeks.
Repsol, which currently boasts output of about 45,000 barrels per day, said it saw a path to triple its production in Venezuela over the next few years under the right conditions.
Executives at other firms also said Trump’s promises of change would encourage investment and they were hoping to seize the moment.
“We are ready to go to Venezuela,” said Bill Armstrong, who leads an independent oil and gas driller. “In real estate terms, it is prime real estate.”
But analysts say meaningfully increasing production would take significant effort.
“They are being as polite as humanly possible, and being as supportive as they can, without committing actual dollars,” said David Goldwyn, president of the energy consultancy Goldwyn Global Strategies and former US state department special envoy for international energy affairs.
