In a significant move to harness American corporate power abroad, the White House is set to host a high-level gathering of more than a dozen top U.S. oil executives this Friday. The meeting, called by United States President Donald Trump, aims to push the industry giants to lead the monumental task of rebuilding Venezuela's battered energy sector.
A Gathering of Energy Titans
The scheduled lineup reads like a who's who of the American petroleum industry. Confirmed attendees include veteran wildcatter and Trump confidante Harold Hamm, co-founder of Continental Resources Inc., alongside representatives from corporate behemoths Chevron Corp., Exxon Mobil Corp., and ConocoPhillips. The meeting, set for January 8, 2026, will also include Energy Secretary Chris Wright and Interior Secretary Doug Burgum.
According to people familiar with the private discussions, the guest list extends beyond U.S. borders. Spain's Repsol SA, which holds a stake in a major Venezuelan oil field, plans to attend, and India's Reliance has received an invitation. The assembly underscores the global interest in a country sitting on the world's largest oil reserves, yet whose production has collapsed due to years of disrepair, lack of investment, and the departure of Western firms.
Focus on Scale and Security Guarantees
The closed-door discussions will zero in on two critical themes: the sheer scale of the challenge in Venezuela and the conditions needed for companies to return. Executives have already emphasized to administration officials the paramount need for security assurances, financial guarantees, and greater political stability before committing capital.
Analysts predict that simply maintaining Venezuela's current depleted production will require tens of billions of dollars in investment. Given this staggering price tag, the talks are also expected to explore potential incentives from the U.S. government to make the risky venture more palatable for the industry.
Building on Previous Industry Outreach
For several executives, this is not their first policy discussion with the Trump administration. Some were believed to be part of a private April 2024 energy roundtable at Trump's Mar-a-Lago club in Florida. That meeting featured the president criticizing wind power, pledging to roll back environmental rules, and asking the group to raise US$1 billion for his political operations.
Harold Hamm has long been a top energy advisor and major donor to Trump, contributing to both political campaigns and, recently, to the construction of a White House ballroom. Another expected attendee, international shale operator Bryan Sheffield, is also a known Trump supporter, highlighting the close ties between this administration and the oil sector.
The urgency for the meeting follows swiftly on the heels of geopolitical action. Within hours of the U.S. seizure of Venezuelan strongman Nicolás Maduro on Saturday, President Trump began outlining his vision to revive the country's oil industry. His goal is to transform it into a source of revenue and a pillar of Western Hemispheric energy dominance, a plan that now hinges on convincing the world's most powerful oil companies to take the lead.
