Trump pushes for $100 billion in oil investments in Venezuela while Exxon and others say it’s currently ‘uninvestable’ without major reforms

Energy analysts see Chevron—now operating in partnership with Venezuelan state oil company PDVSA—as the biggest winner in Venezuela because of its existing presence and infrastructure, while others remain hesitant to invest. “We are certainly committed to [Venezuela’s] present,” Nelson said, “and we very much look forward as a proud American company to help it build a better future.”

More than doubling Venezuela’s current oil production likely would take until 2030 and cost about $110 billion, according to research firm Rystad Energy, while tripling back to levels from 2000 would take well over a decade and cost closer to $185 billion.

Similar to Exxon, ConocoPhillips Chairman and CEO Ryan Lance expressed interest but he argued major reforms are required first. Conoco is the largest creditor from Venezuela’s natural resources expropriations from almost 20 years ago.

“As we think big and bold, we need to be also thinking about even restructuring the entire Venezuelan energy system, including PDVSA,” Lance said. “If we can do that and think bold, there’s opportunity.”

Trump told Lance that companies will start with a “clean slate” and not be reimbursed for past write offs, which Lance said were valued at about $12 billion for Conoco.

Trump did eventually acknowledge the risk the oil companies would take when asked about “backstops.” “They know the risks. There are risks. We’re going to help them out. We’re going to make it easy, and they’re going to be there for a long time.”

Leaders of European oil producers, Italy’s Eni and Spain’s Repsol, which have a Venezuelan joint venture together, both informed Trump they want to invest more and grow production. And some private U.S. oil producers, such as Hilcorp and Armstrong Oil & Gas, said they are interested in producing oil from Venezuela.

Shell CEO Wael Sawan also said the Big Oil giant may invest a “few billion dollars” in Venezuela.

Top drillers and oilfield services firms Halliburton and SLB, the latter of which currently works with Chevron there, also said they aim to do more.

However, most of what the executives said was “cheerleading” for Trump, while Exxon provided the key reality check, said Dan Pickering, founder of the Pickering Energy Partners consulting and research firm.

“The interest is high; the willingness is unclear,” Pickering said of companies investing billions of their dollars in an unstable Venezuela.

He predicts Venezuela could realistically raise its production by 50% within three years, but that would still fall well short of its historic volumes. And most of the U.S. oil companies on the outside looking in only see new Venezuelan oil as competition that would lower oil prices and profits, Pickering said. “There is no good news for [U.S.] shale in a reopening of Venezuela. They’re not going to be happy.”

For Trump, that means lower prices at the pump, which he values.

Trump reiterated that the U.S. is in the process of taking at least 30 million barrels of Venezuelan crude oil over time to the U.S. Gulf Coast to sell to U.S. refiners and others as part of a deal with Venezuela. The proceeds would be controlled by the White House in external bank accounts and mostly returned to Venezuela pending government cooperation.

Several of the largest Gulf Coast refineries are configured to process the extra-heavy grades of crude oil produced from Venezuela. The leaders of top U.S. refiners Valero Energy and Marathon Petroleum told Trump they’re able to take many more Venezuelan barrels.

This story was originally featured on Fortune.com