Trump Seeks $100B Venezuela Oil Deal Amid Exxon Concerns
President Trump requested at least $100 billion in oil industry spending for Venezuela,but faced skepticism from oil executives who deemed the country currently “uninvestable.”
Executives from major U.S. oil firms acknowledged Venezuela’s vast energy reserves present an opportunity. Though, they stated meaningful changes are needed to attract investment, and no immediate financial commitments were made.
Trump has stated he intends to unlock Venezuela’s oil resources following a January 3rd raid by U.S. forces that resulted in the capture of leader Nicolas Maduro. “One of the things the United States gets out of this will be even lower energy prices,” Trump said Friday at the White House meeting.
Darren Woods, Exxon‘s chief executive, expressed caution. “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,” Woods said. “today it’s uninvestable.”
Venezuela’s relationship with international oil companies has been complex as oil finding over a century ago. Chevron remains the last major American oil firm operating in the country. Several companies from Spain and Italy, including Repsol and Eni, also continue operations.
trump said his administration will determine which firms can operate in Venezuela. “You’re dealing with us directly.You’re not dealing with Venezuela at all.We don’t want you to deal with Venezuela,” he stated.
The White House announced it is indeed selectively easing U.S. sanctions restricting Venezuelan oil sales, coordinating with interim authorities led by maduro’s former Vice-president.