Segun Atanda/
In a stark rebuke to President Donald Trump’s high-stakes drive to harness Venezuela’s vast petroleum reserves, ExxonMobil has told the White House that Venezuela remains “uninvestable” without sweeping legal and commercial reforms.
The blunt assessment by chief executive, Darren Woods, came at a White House meeting on Friday, where Trump urged U.S. oil companies to commit at least $100 billion in private capital to revitalise Venezuela’s shattered oil sector.
Woods said ExxonMobil would need durable investment protections, clear legal frameworks and changes to hydrocarbon laws before it could consider a return to a country where it has already had assets expropriated twice.
He described the current environment as too risky for meaningful investment under existing conditions, casting doubt on the administration’s ambitious plan.
The meeting highlighted deep divisions among U.S. energy executives over the viability of President Trump’s Venezuela strategy.
While ExxonMobil and other majors voiced caution, Chevron has emerged as a central player in the unfolding plan. The Houston-based company is currently the only major U.S. oil producer still operating in Venezuela, with active ventures and infrastructure on the ground under existing licences and partnerships with Venezuela’s state oil firm, PDVSA.
Chevron’s vice-chairman said the company is prepared to boost Venezuelan output by up to 50 percent within 18 to 24 months, according to U.S. officials.
That pledge, while modest relative to Venezuela’s potential, underscores Chevron’s unique position in the country’s beleaguered industry and contrasts with the scepticism expressed by other oil giants.
Trump sought to reassure executives by promising “total safety” for investments and directing companies to deal directly with the U.S. government rather than Venezuelan authorities, following the overthrow of Nicolás Maduro.
The president framed access to Venezuelan oil as key to lowering US energy costs and reclaiming market share from foreign competitors.
ExxonMobil’s caution reflects long-standing concerns about Venezuela’s political and legal instability, compounded by decades of nationalisations, sanctions and deteriorating infrastructure.
Chevron’s relative willingness to engage stems from its enduring presence and operational foothold that other majors lost when Hugo Chávez’s government seized assets in the early 2000s and 2010s.
As Washington pushes ahead with its plan, Chevron’s role appears central to any near-term revival of Venezuelan crude production, even as the broader industry remains hesitant.
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