Trump's Venezuela gathering is turning into a major assembly of leading figures from the US oil industry

US Oil Leaders to Meet Trump Over Venezuela Energy Revival

Photographer: George Frey/Bloomberg

More than a dozen prominent figures from the oil industry, including renowned wildcatter Harold Hamm, are expected to gather at the White House on Friday for discussions with President Donald Trump and senior officials. The administration is urging these executives to help restore Venezuela’s struggling oil sector.

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The guest list features leading executives from major US oil companies such as Chevron, Exxon Mobil, and ConocoPhillips, all responding to Trump’s invitation to explore ways to revive Venezuela’s oil output. Years of neglect, declining investment, and the withdrawal of Western firms have caused production to collapse.

According to sources familiar with the plans, who requested anonymity due to the confidential nature of the talks, Spain’s Repsol SA—an investor in a significant Venezuelan oil field—will participate, and India’s Reliance has also received an invitation.

US President Donald Trump’s administration announced plans to take control of up to 50 million barrels of Venezuelan oil, according to Bloomberg’s Rosalind Mathieson.

Energy Secretary Chris Wright and Interior Secretary Doug Burgum are also set to attend the meeting. Discussions will center on the scale of investment and reforms required in Venezuela, as well as the conditions necessary for oil companies to re-enter the market with confidence.

Some of the expected participants were reportedly present at a private energy roundtable at Trump’s Mar-a-Lago resort in April 2024. During that session, Trump criticized wind energy, pledged to roll back certain environmental rules, and asked attendees to help raise $1 billion, according to people with knowledge of the event.

Harold Hamm, co-founder of Continental Resources, has long served as a key energy advisor to Trump, especially during his first term. Hamm has also been a significant donor to Trump’s political efforts and recently contributed to the construction of a new White House ballroom.

Bryan Sheffeld, an international shale executive and Trump supporter, confirmed his intention to join Friday’s meeting.

Just hours after the US seized control from Venezuelan leader Nicolás Maduro on Saturday, Trump began outlining his strategy to leverage American oil companies to rejuvenate Venezuela’s energy sector, aiming to transform it into a major source of revenue and regional influence.

While Venezuela holds the world’s largest oil reserves, industry experts and analysts have highlighted the immense challenges of operating there. In recent talks with administration officials, several executives have stressed the importance of security, financial assurances, and greater political stability. Incentives have also been discussed, as analysts estimate that tens of billions of dollars will be required just to maintain current production levels.

Reporting assistance by Ari Natter and Kevin Crowley.

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