Trump’s Venezuelan Oil Plan Meets Industry Doubt
Business
US President Donald Trump has urged major oil companies to invest at least $100 billion in Venezuela’s oil sector, but industry leaders have reacted with caution.
The meeting at the White House took place a week after a US military operation that resulted in the capture of Venezuelan President Nicolas Maduro. Executives from Exxon Mobil, Chevron, ConocoPhillips, Halliburton, as well as international firms Repsol and Eni, attended the talks.
Exxon Mobil CEO Darren Woods said that under current conditions Venezuela remains “uninvestable.” He stressed that without deep reforms and strong protections for property rights, investment is impossible, recalling that Exxon’s assets were twice confiscated in the past.
Despite holding the world’s largest proven oil reserves, Venezuela’s oil industry has been crippled by aging infrastructure, chronic underinvestment and mismanagement at state-run PDVSA. Current production stands at around one million barrels per day, less than 1% of global output.
Trump told executives that the US administration would decide which companies are allowed to operate in Venezuela, promising “full security” for investors and describing the country as a “completely different Venezuela.”
While oil executives acknowledged the country’s vast potential, they made no concrete financial commitments. At present, Chevron remains the only US oil company still operating in Venezuela.
Exxon Mobil CEO Darren Woods said that under current conditions Venezuela remains “uninvestable.” He stressed that without deep reforms and strong protections for property rights, investment is impossible, recalling that Exxon’s assets were twice confiscated in the past.
Despite holding the world’s largest proven oil reserves, Venezuela’s oil industry has been crippled by aging infrastructure, chronic underinvestment and mismanagement at state-run PDVSA. Current production stands at around one million barrels per day, less than 1% of global output.
Trump told executives that the US administration would decide which companies are allowed to operate in Venezuela, promising “full security” for investors and describing the country as a “completely different Venezuela.”
While oil executives acknowledged the country’s vast potential, they made no concrete financial commitments. At present, Chevron remains the only US oil company still operating in Venezuela.
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