US EditionExxon studies Venezuela return as Chevron plots immediate production bump
President Trump urged major oil firms to invest $100 billion to rebuild Venezuela's oil sector, while key executives expressed caution over political risks and asset seizures.
- A $100 billion pledge and a White House meeting with ExxonMobil CEO Darren Woods took place, with Trump promoting investment in Venezuela, as officials discussed rebuilding efforts.
- On Friday, the Trump administration claims it is running Venezuela and is selectively rolling back sanctions to enable oil sales, following the military's capture of Nicolás Maduro.
- Executives told reporters they seek government guarantees before investing in Venezuela, as unpaid arbitration awards—about $1 billion for ExxonMobil and nearly $14 billion for ConocoPhillips—heighten industry caution.
- The U.S. Department of Energy plans to ship light oil for blending and upgrade infrastructure, with initial revenues held in U.S. Treasury accounts, as marketing begins, according to officials.
- One estimate by Rystad Energy put the restoration price tag at $183 billion to reach 3 million barrels per day, and Trump conceded it would take "tens of billions of dollars and significant time" while Chevron remains the only U.S. firm operating in Venezuela.
328 Articles
328 Articles
President Donald Trump called the leaders of the oil giants to the White House to encourage them to invest in Latin America.
They admit the potential of the country, but will not invest without political and legal guarantees
Zero Hedge
BizToc"Uninvestable": Trump's $100 Billion Venezuela Gamble Meets Oil Industry Reality
"Uninvestable": Trump's $100 Billion Venezuela Gamble Meets Oil Industry Reality President Donald Trump’s push for U.S. oil companies to commit at least $100 billion toward rebuilding Venezuela’s energy industry is meeting significant resistance from the very executives he is courting, according to Bloomberg. Although the White House projects confidence, industry leaders are warning that Venezuela remains too unstable for major investment, with …
Nearly a week after ordering the kidnapping of Nicolas Maduro, Donald Trump brought together the leaders of the major American oil companies on Friday, January 9, predicting on this occasion 100 billion euros of investment in the oil sector in Venezuela. At the end of this much-awaited meeting, however, the latter were much less enthusiastic than the tenant of the White House... How to explain these reservations? Elements of response with Homayo…
Exxon CEO calls Venezuela 'uninvestable' during meeting with Trump
ExxonMobil CEO Darren Woods meets President Donald Trump at the White House on Friday.Alex Wong/Getty ImagesThe CEO of ExxonMobil said Venezuela is "uninvestable" in its current state.Darren Woods' comments came during a meeting with President Donald Trump and oil execs on Friday.Trump is pushing for major US oil companies to pump at least $100 billion into Venezuela.President Donald Trump's $100 billion plan to invest in Venezuela's oil industr…
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