White House Urges US Oil Firms to Invest in Venezuela to Recover Expropriated Assets

The WHITE House is encouraging US oil giants to invest in Venezuela as a pathway to recover assets expropriated during the Hugo Chávez era. In the 2000s, Venezuela seized assets from international oil companies that resisted granting greater control to state-owned PDVSA. Chevron remained through joint ventures, while ExxonMobil and ConocoPhillips exited and pursued arbitration.

President Donald TRUMP recently suggested that the ousting of Nicolás Maduro could unlock Venezuela's $17.3 trillion oil reserves—the largest in the world. US investors are poised to lead the revival of Venezuela's struggling oil industry, though they would need to self-fund reconstruction efforts as a condition for settling expropriation-related debts.

This MOVE could disadvantage firms like ConocoPhillips, which have long sought compensation for nationalized assets. The geopolitical shift underscores the volatile intersection of energy markets and international diplomacy.