President Trump on Friday urged American and European oil companies to invest $100 billion in rebuilding Venezuela's oil infrastructure, but executives from major companies like Exxon Mobil and ConocoPhillips voiced concerns. The oil executives, who attended a White House meeting focused on Venezuela's future, stated that a stable and secure government, along with changes to the country's legal and commercial framework, would be necessary to justify such substantial investments, which could take decades to yield returns.

Trump expressed confidence that his administration could negotiate an agreement with the oil companies to establish conditions conducive to their return, without deploying U.S. troops or providing financial guarantees from the U.S. government. He projected that U.S. investment would revitalize Venezuela's oil industry and boost its struggling production, potentially leading to lower gas prices, reduced taxes, and job creation for Americans.

Darren Woods, the chief executive of Exxon Mobil, emphasized the need for durable investment protections for the company to consider returning to Venezuela. "We've had our assets seized there twice," Woods said during the meeting.

Venezuela's oil production has plummeted in recent years due to mismanagement, corruption, and U.S. sanctions. The country, which possesses the world's largest proven oil reserves, was once a major oil exporter, but its production has fallen to historic lows, exacerbating its economic crisis.

The Trump administration has been exploring various options to address the situation in Venezuela, including sanctions and diplomatic pressure. The push for private investment represents a potential shift in strategy, aiming to leverage the expertise and resources of the oil industry to revive the country's economy. However, the success of this approach hinges on establishing a stable and predictable investment climate in Venezuela, a challenge given the country's complex political and economic landscape. The executives' tepid response underscores the significant hurdles that remain in attracting foreign investment to Venezuela's oil sector.