Trump has pushed for $100 billion in oil investment in Venezuela, while Exxon and others have said it is now ‘uninvestable’ without major reforms.

Energy analysts see Chevron, which operates in partnership with Venezuela’s state oil company PDVSA, as the biggest winner because of its existing presence and infrastructure in Venezuela, while others are reluctant to invest. “We are definitely committed [Venezuela’s] present,” Nelson said, “and we look forward to helping it build a better future as a proud American company.”

Doubling Venezuela’s current oil production will take until 2030 and cost about $110 billion, according to research firm Rystad Energy, while returning to triple levels from 2000 is estimated to take more than a decade and cost $185 billion.

Like Exxon, ConocoPhillips Chairman and CEO Ryan Lance expressed interest but argued that major reforms are needed first. Conoco has been the largest lender to the exploitation of Venezuela’s natural resources for almost 20 years.

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

Trump told Lance that the companies would start with a “clean slate” and not be reimbursed for past write-offs, which Lance said cost Conoco about $12 billion.

Trump finally acknowledged the risk oil companies take when asked about “backstops.” “They know the risks. There are risks. We’re going to help them. We’re going to make it easier, and they’re going to be there longer.”

European oil producers, Italy’s Eni and Spain’s Repsol, which has a joint venture with Venezuela, have both told Trump they want to invest more and increase production. And some private US oil producers, such as Hilcorp and Armstrong Oil and Gas, have said they are interested in producing oil from Venezuela.

Shell CEO Weil Sawan also said the oil major could invest “a few billion dollars” in Venezuela.

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

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

“The interest is high; the will is not clear,” Pickering said of companies investing billions of dollars in volatile Venezuela.

He predicted that Venezuela could increase its production by 50% in real terms within three years, but that it would still be below its historical levels. And from the outside looking in, most U.S. oil companies see new Venezuelan oil only as competition that will drive down oil prices and profits, Pickering said. “There is no good news [U.S.] Shell during the reopening of Venezuela. They will not 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 moving at least 30 million barrels of Venezuelan crude to the U.S. Gulf Coast over time to sell to U.S. refiners and others as part of a deal with Venezuela. Funds received in foreign bank accounts will be controlled by the White House and often returned to Venezuela where government aid is owed.

Several large Gulf Coast refineries are configured to process extra-heavy grades of crude oil produced from Venezuela. Leaders of top U.S. refiners Valero Energy and Marathon Petroleum told Trump they were able to take more Venezuelan barrels.

This story was originally featured on Fortune.com