The complex political situation in Venezuela could harm new investments and will likely keep big oil on the sidelines while the new Venezuelan oil power players emerge.

The Trump administration is counting on U.S. oil companies to revive Venezuela's creaky energy production and tap its massive reserves.

The amounts of money, time and political uncertainty trouble executives at large Western oil companies, who plan to meet with President Trump on Friday.

Major oil companies are uninterested in making significant investments in Venezuela, Treasury Secretary Scott Bessent said Thursday, casting doubt on President Donald Trump’s aspirations that they’ll join the U.S. government’s effort to revive Venezuela’s oil industry.

Chevron vice-chair Mark Nelson says the company can increase production from its existing operations in Venezuela by 50 per cent in the next 18 to 24 months. “This is taking the momentum of improvements we’ve already made there locally, and building on those and creating more mental momentum for the people of Venezuela,” he said.

Economists say the U.S. selling Venezuela’s backlogged crude supply could help bring the country out of the shadows.

President Donald Trump is courting Big Oil on a risky overseas energy play as Energy Secretary Chris Wright quietly tests industry appetite for a massive Venezuela revival.

Chevron shares were among the big gainers on Monday as investors gauged the impact of U.S. actions against Venezuela, including the capture of Nicolás Maduro.