Following the recent U.S.-backed capture of Venezuelan President Nicolás maduro, the Trump governance is moving to unlock the country’s meaningful oil reserves-but faces potential roadblocks from within the energy sector. President Trump has indicated he may exclude ExxonMobil from participating in the revitalization of Venezuela’s oil industry,following critical remarks from CEO Darren Woods questioning the viability of investment there. The dispute highlights tensions between the administration’s eagerness to rapidly capitalize on Venezuelan oil and the private sector’s assessment of the risks involved, even as other firms like Chevron and Shell reportedly prepare to increase their presence [[2]].
President Trump indicated Sunday he may exclude ExxonMobil from his administration’s plans to revitalize Venezuela’s oil sector, following critical remarks made by the company’s CEO, Darren Woods. The potential move comes after a recent U.S.-backed effort to stabilize the country and unlock its vast oil reserves.
“I didn’t like Exxon’s answer,” Trump told reporters as he boarded Air Force One in West Palm Beach, Florida. “We have plenty of others who want in. I’m probably going to leave Exxon out. They’re trying to be too smart.”
ExxonMobil Calls Venezuela “Uninvestable”
The dispute stems from a meeting Friday between Trump and executives from major global oil companies. While most expressed support for investment in Venezuela, Woods stated that the country is “uninvestable” given the current “structures and commercial frameworks” in place.
During the meeting, Trump asserted that Venezuela could see at least $100 billion in investment from companies’ own capital, separate from government funds, to rebuild its infrastructure.
Energy Secretary Chris Wright countered ExxonMobil’s assessment, stating that the company’s view was atypical. He claimed “at least a dozen” companies are prepared to return to Venezuela following the U.S.-led military operation that resulted in the capture of Nicolás Maduro a week ago.
Wright told Fox News that U.S. oil companies Chevron and Shell, along with Spanish firm Repsol and Italian company ENI, “will immediately” increase their investment in Venezuela, but he did not mention ExxonMobil.
On Saturday, Trump declared a national emergency to protect Venezuelan oil revenue deposited in U.S. Treasury accounts, preventing creditors from seizing the funds. This move is intended to safeguard resources for Venezuela’s reconstruction efforts, as outlined in his plan to revitalize the country’s oil industry. The decree aims to secure funds for Venezuela’s economic recovery.
