STORY: U.S. President Donald Trump met with executives from some of the world's largest oil companies at the White House Friday to discuss Venezuela.
He said he wants them to invest $100 billion in the country to vastly expand its production.
The meeting reflects the importance of oil to Trump's strategy for the OPEC nation after U.S. forces seized the South American country's leader Nicolas Maduro in a brazen overnight raid on its capital on January 3.
Trump spoke with reporters at the start of the conversation.
"We're going to discuss how these great American companies can help rapidly rebuild Venezuela's dilapidated oil industry and bring millions of barrels of oil production to benefit the United States, the people of Venezuela and the entire world."
Trump administration officials have said they need to control Venezuela's oil sales and revenues indefinitely to ensure the country acts in America's interests, and also want to see big oil companies plow billions of dollars into rehabilitating Venezuela's oilfields.
Reuters has reported that many oil majors anxious over long-term instability there are cautious about longer-term commitments.
Oil companies participating in the talks include many of the biggest names like Chevron, Exxon Mobil and ConocoPhillips.
Chevron already operates in the country, while rivals Exxon and Conoco departed nearly 20 years ago after their assets were nationalized.
