President Donald Trump hinted on Sunday at the possibility of excluding ExxonMobil from efforts to reinvigorate Venezuela's oil industry, following a meeting where the company's CEO, Darren Woods, voiced reservations about investing in the South American nation.
"I didn't like Exxon's response," Trump remarked to journalists aboard Air Force One, as reported by outlets such as the New York Post. "I might just lean towards leaving Exxon out. I didn't appreciate their stance. They're trying to play clever," he added.
This comment came two days after a White House gathering with top executives from international oil companies including Chevron, Shell, Repsol, and ENI. During the meeting, Trump sought support for rebuilding Venezuela's energy infrastructure following the capture of Nicolás Maduro.
During the encounter, the ExxonMobil CEO highlighted the company's contentious history with the Chavista regime, asserting that under the current legal and commercial conditions, Venezuela remains a "non-investable" country. "We have a long history in Venezuela. We've been expropriated twice. It's understandable that significant changes are needed for us to return," Woods stated, according to specialized press reports. This meeting set the stage for the differences between the oil giant and the U.S. administration, which is pushing for an energy revival plan post-Maduro.
Chris Wright, U.S. Secretary of Energy, later stated that Exxon's opinion is "atypical," noting that at least a dozen companies are eager to resume operations in Venezuela under the guarantee framework promoted by the Trump administration. He mentioned companies like Chevron, Shell, Repsol, and ENI among them.
Wright further mentioned that the U.S. government has assured oil companies of "security and stability guarantees" for their investments. "Assurances that they will be safe, that there will be no issues, and there won't be. They had problems in the past because they didn't have Trump as president; they had incompetent people," Trump commented while addressing the press.
According to the EFE agency, Trump also signed an executive order to safeguard revenues from Venezuelan crude sales, which will be managed through the U.S. Treasury. The decree aims to prevent these funds from being claimed by creditors of Venezuela's foreign debt and stipulates that their misuse could "undermine U.S. efforts to ensure economic and political stability in Venezuela."
The decision follows the announcement of a $100 billion private investment to rejuvenate and "fully modernize" the Venezuelan oil industry. Concurrently, the president confirmed that the U.S. will oversee the sale of between 30 and 50 million barrels of Venezuelan oil, in coordination with interim authorities in Caracas, as he had previously indicated.
Petróleos de Venezuela (PDVSA) confirmed last week that it is negotiating with Washington for the supervised sale of oil under schemes managed by the U.S. government, describing it as a "mutually beneficial and transparent" process.
The Trump administration views the reactivation of Venezuela's energy sector as a critical component in the political transition process initiated following Maduro's detention and the interim assumption by Delcy Rodríguez, under U.S. oversight.
Key Developments in U.S.-Venezuela Oil Relations
Why is ExxonMobil being excluded from Venezuela's oil plans?
ExxonMobil is likely being excluded due to its CEO expressing doubts about investing in Venezuela under the current conditions, which President Trump found unsatisfactory.
What measures has the Trump administration taken regarding Venezuelan oil revenues?
The Trump administration has signed an executive order to protect Venezuelan oil revenues, ensuring they are managed through the U.S. Treasury to prevent claims by foreign creditors.
What is the significance of the $100 billion investment in Venezuela's oil industry?
The $100 billion investment aims to revitalize and completely modernize Venezuela's oil industry, which is seen as crucial for the country's economic and political recovery.