Executives of the biggest US oil majors who attended the meeting acknowledged that the country, which is sitting on vast proven oil reserves, represents a major opportunity.
But at a press conference with Trump they warned they would need to see significant changes inside Venezuela, as well as a welcome from the local government and its people, to make it an attractive place to put money.
"We have had our assets seized there twice and so you can imagine to re-enter a third time would require some pretty significant changes from what we've historically seen and what is currently the state," Exxon's chief executive Darren Woods said. "Today it's un-investable."
Venezuela has had a complicated relationship with international oil firms since oil was discovered in its territory more than 100 years ago.
Chevron is the last remaining major American oil firm still operating in the country, while a handful of companies from other countries, including Spain's Repsol and Italy's Eni, both of whom were represented at the White House meeting.
Exxon and ConocoPhillips, which was also in attendance, have been fighting to recoup billions in dollars they say they are owed after the 2007 nationalisation of their assets.
Trump has alluded to the issue repeatedly this week to justify his intervention, including on Friday, but he downplayed the chances of recovery in the meeting, echoing comment by other administration officials in recent years who said the repayment of those debts was not an immediate priority.
