US President Donald Trump on Friday assured major American oil companies of “total safety and security” in Venezuela. His promise came just days after the United States took control of the country’s oil reserves. Trump hosted a roundtable meeting at the White House to encourage oil giants to invest up to $100 billion in Venezuela’s energy sector.

The meeting followed a dramatic US operation that removed Venezuelan President Nicolas Maduro from power and led to the arrest of him and his wife. Executives from Chevron, ExxonMobil, and ConocoPhillips attended the talks. Trump said Maduro’s arrest had opened the door to a historic opportunity for American oil extraction.

Oil Executives Weigh Opportunity and Risk

Several oil executives welcomed the Trump administration’s actions and showed readiness to invest. At the same time, some raised concerns about safety and long-term stability. The meeting came a week after Trump said Venezuela could sharply raise oil production within 18 months.

“We’re going to be extracting numbers in terms of oil as few people have seen,” Trump said. He added that higher production would benefit American consumers. “Venezuela is going to be very successful, and the people of the United States are going to be big beneficiaries.”

Trump Pushes Private Investment Model

Trump stressed that oil companies—not US taxpayers—would fund the investments. Earlier, he had hinted at possible government support, but he clarified his position during the meeting.

“The plan is for them to spend, meaning our giant oil companies will be spending at least $100bn of their money, not the government’s money,” Trump said. “They don’t need government money, but they need government protection and government security.”

He also warned companies not to hesitate. “I got 25 people that aren’t here today that are willing to take your place,” he said. Trump added that many firms already operate in dangerous regions. “These are people that drill oil in some pretty rough places,” he said. “I could say a couple of those places make Venezuela look like a picnic.”

Chevron Signals Readiness to Expand

After the meeting, Chevron vice-chair Mark Nelson said the company remained deeply committed to Venezuela. He said Chevron “has been a part of Venezuela’s past, we are certainly committed to its present, and we very much look forward as a proud American company to help it build a better future.”

Nelson said Chevron employs around 3,000 people across four joint ventures in the country. He added that the company could “increase our liftings from those joint ventures 100% essentially, effective immediately.”

Exxon Calls for Legal Reforms

ExxonMobil chief executive Darren Woods took a more cautious view. He said the company would need major legal and commercial changes before reinvesting. “Today it’s uninvestable,” he said.

Still, Woods expressed confidence in the Trump administration’s approach. “We’re confident that with this administration and President Trump, working hand in hand with the Venezuelan government, those changes can be put in place,” he said.

Growing Interest in Venezuela’s Oil Sector

Overall, US oil companies are showing growing interest in Venezuela. Backed by strong political support from Washington and promises of security, the industry is now weighing large-scale investments in one of the world’s most resource-rich oil producers.