US EditionWhy Venezuela’s Oil Comeback Is Proving Harder Than Trump Expected
ExxonMobil CEO Darren Woods says Venezuela's oil industry needs political reform and stability before major investments are viable, amid Trump urging $100 billion investment.
4 Articles
4 Articles
Why Venezuela’s Oil Comeback Is Proving Harder Than Trump Expected
After U.S. forces snatched Nicolas Maduro in a daring night raid earlier this month, President Donald Trump began pressing oil companies to invest in Venezuela’s heavily corroded petroleum industry. The U.S. president eagerly urged drillers to invest in Venezuela, which sits atop the world’s largest oil reserves, with Washington’s protection. But those overtures received a lukewarm reception from U.S. and European energy companies. ExxonMobil CE…
Executive Director of Exxon Mobil, Darren Woods, said this Friday, January 30, that Venezuela needs to move towards a democratic transition so that foreign investment in its oil industry becomes viable again. According to statements cited by CNBC, the institutional deterioration and lack of legal guarantees make Venezuela a “not invertible” destination for large energy companies, including those that have historically operated in the region.
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