Twice Bitten, Thrice Shy: What Oil Majors Want Before Betting on Venezuela a Third Time

‘U.S. companies will not commit serious capital to Venezuela without a credible reset on rule of law,’ Jason Isaac, American Energy Institute CEO, said.

People walk on a beach in front of an oil tanker anchored at the dock near the "El Palito" refinery, in Puerto Cabello, Venezuela, on Dec. 18, 2025. Jesus Vargas/Getty Images

President Donald Trump has encouraged American oil companies to reinvest $100 billion in Venezuela to spur energy production and to rescue Venezuelans from desperate poverty.

Oil companies, however, are taking stock of the decrepit state of Venezuela’s energy infrastructure after decades of communism, and seeing a number of critical impediments.