Venezuela is ‘Uninvestable’, ExxonMobil Tells Trump
Venezuela is ‘Uninvestable’, ExxonMobil Tells Trump
ExxonMobil CEO, Darren Woods informed President Donald Trump that Venezuela is currently “uninvestable.”
During a high-stakes White House roundtable with major energy executives, Woods emphasized that the country’s unstable legal frameworks, lack of investment protections, and outdated hydrocarbon laws prevent the company from committing to a “headfirst” re-entry.
Despite the President’s vision of a massive economic revitalization, ExxonMobil made it clear that “significant changes” to the country’s commercial and legal systems are non-negotiable prerequisites for any long-term capital commitment.
The meeting was convened by President Trump to pitch a $100 billion investment plan aimed at rebuilding Venezuela’s dilapidated energy infrastructure following the recent ouster of Nicolás Maduro.
Trump urged the gathered oil giants including Chevron and ConocoPhillips to move quickly to tap into what he described as “tremendous wealth,” promising them “total safety” and direct dealings with the U.S. government rather than local entities.
To pressure the executives, the President even suggested he had “25 other people” waiting in the wings to take their place if they hesitated to seize the opportunity.
Despite the President’s assertive stance, the oil industry’s response was marked by historical wariness and economic pragmatism. Both ExxonMobil and ConocoPhillips have previously suffered multi-billion-dollar losses due to asset nationalizations in Venezuela, and Woods noted that the company is still owed approximately $1 billion from past seizures.
While Chevron, which maintains a limited presence in the country, signaled it could potentially scale up production, other CEOs echoed Woods’ concerns, noting that current oil prices and the immense cost of repairing “rotting” infrastructure make the math difficult to justify to shareholders.
Ultimately, the exchange highlighted a fundamental gap between the administration’s “GREAT Energy Deal” and the risk-averse nature of global energy majors. While the President remains focused on using Venezuelan crude to drive down domestic energy prices to $50 a barrel, companies like ExxonMobil are taking a decades-long view that requires durable legal certainty.
For now, ExxonMobil has only committed to sending a technical team to conduct a preliminary assessment of the situation, leaving the President’s ambitious $100 billion investment target without the immediate corporate backing he sought.
