New York: US President Donald Trump said he is “inclined” to keep ExxonMobil out of Venezuela’s oil sector after its chief executive described conditions in the South American nation as “uninvestable,” deepening tensions over plans to revitalise the country’s oil industry.
Trump made the remarks on Sunday aboard Air Force One, returning to Washington from Florida after hosting a White House meeting on Friday with oil and gas executives to discuss potential development of Venezuela’s vast oil reserves following the ouster of former President Nicolás Maduro.
“I didn’t like Exxon’s response. You know, we have so many that want it, and I’d probably be inclined to keep Exxon out. They’re playing too cute,” Trump told reporters.
At the meeting, ExxonMobil CEO Darren Woods told Trump and other industry leaders that the legal and commercial framework in Venezuela is currently unfavourable for investment. “If we look at the legal and commercial constructs and frameworks in place today in Venezuela, it’s uninvestable,” Woods said, adding that significant changes to laws and durable investment protections are needed before his company could return.
Woods expressed confidence that such reforms could be achieved with cooperation between the Trump administration and Venezuelan authorities, suggesting a technical team could be sent to assess the country’s oil infrastructure in the short term.
Several other executives at the meeting echoed concerns about security and financial guarantees, saying these would be essential before undertaking the yearslong effort to increase oil production in Venezuela.
With PTI inputs