The administration of President Donald Trump plans to meet with executives from U.S. oil companies later this week to discuss boosting Venezuelan oil production after U.S. forces ousted leader Nicolas Maduro, a source familiar with the matter said.

The talks are central to the administration’s hopes of bringing major U.S. oil producers back into the South American nation after its government seized control of U.S.-led energy operations nearly two decades ago.

The three largest U.S. oil companies, Exxon Mobil, ConocoPhillips, and Chevron, have not yet spoken with the administration about Maduro’s removal, according to four oil industry executives familiar with the issue, contradicting Trump’s weekend claims that he had already met with “all” U.S. oil companies before and after Maduro was seized.

“Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point,” one source said Monday.

The expected meetings are seen as critical to efforts to boost crude production and exports from Venezuela, a former OPEC member with the world’s largest reserves and oil compatible with specialized U.S. refineries. Analysts say achieving that goal would take years and require billions of dollars in investment.

It remains unclear which executives will attend the talks and whether companies will meet individually or together.

The White House declined to comment on the meetings but said it believed the U.S. oil industry was ready to reenter Venezuela.

“All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime,” White House spokesperson Taylor Rogers said.

Exxon, Chevron, and ConocoPhillips did not immediately respond to requests for comment.

Trump told NBC News the U.S. may subsidize oil companies to help them rebuild Venezuela’s energy infrastructure.

Asked whether oil firms had been briefed ahead of the military operation, Trump said, “No. But we’ve been talking to the concept of, ‘what if we did it?’”

“The oil companies were absolutely aware that we were thinking about doing something,” Trump told NBC News. “But we didn’t tell them we were going to do it.”

He said it was “too soon” to say whether he had personally spoken to top executives at the three companies.

“I speak to everybody,” Trump said.

CBS News, citing an unnamed source, reported executives from the three companies were expected to meet on Thursday with Energy Secretary Chris Wright.

One oil industry executive told Reuters companies would be reluctant to discuss potential Venezuela operations collectively with the White House because of antitrust concerns limiting joint discussions on investment plans, timing, and output.

Big plans, big problems

U.S. forces carried out a lightning raid on Venezuela’s capital Saturday, arresting Maduro overnight and flying him to the United States to face narcoterrorism charges.

Trump said hours later he expected major U.S. oil companies to spend billions to boost Venezuela’s oil output, which has fallen to about one-third of its peak after years of sanctions and underinvestment.

Analysts say those ambitions face obstacles, including deteriorated infrastructure and uncertainty over Venezuela’s political future, legal system, and long-term U.S. policy.

Chevron is the only major U.S. oil company still operating in Venezuela.

Exxon and ConocoPhillips once had major projects there before they were nationalized by former President Hugo Chavez.

“I don’t think you’re going to see any company other than Chevron, which is already there, commit to developing this resource,” one oil executive said on condition of anonymity.

ConocoPhillips has sought billions of dollars in compensation for the takeover of three projects under Chavez. Exxon pursued lengthy arbitration after leaving Venezuela in 2007.

Chevron, which exports about 150,000 barrels per day of Venezuelan crude to the U.S. Gulf Coast, has carefully navigated U.S. policy to maintain its presence.

Investors reacted positively, betting Washington’s move could unlock access to Venezuela’s reserves. A U.S. embargo on Venezuelan oil remains in place, Trump said.

The S&P 500 energy index rose to its highest level since March 2025, with Exxon Mobil shares up 2.2% and Chevron jumping 5.1%.