Exxon CEO Calls Venezuela 'Uninvestable' Amid Trump's Oil Push

Trump Urges Oil Majors to Rebuild Venezuela

President Donald Trump convened nearly 20 U.S. oil executives at the White House, pushing for a collective investment of at least $100 billion to revitalize Venezuela's oil industry. Trump expressed confidence that an agreement would be reached swiftly, framing the initiative as mutually beneficial for both nations.

Industry Skepticism Surfaces

Despite the president's push, major players voiced significant reservations. Exxon Mobil Corp. CEO Darren Woods explicitly stated that Venezuela, under its current legal and commercial structures, is "uninvestable." He cited past asset seizures by the government in Caracas and questioned the durability of protections and the potential long-term returns, emphasizing the need for robust frameworks before committing to decades-long investments.

A Single Pledge Amidst Caution

While many executives praised the opportunity and Trump's vision, concrete commitments remained scarce. Chevron Corp., the only U.S. major currently operating in Venezuela, was the sole company to make a specific pledge. Vice Chairman Mark Nelson indicated Chevron could increase its current output of 240,000 barrels per day by approximately 50% over the next 18 to 24 months. Other companies, like Repsol SA, expressed conditional willingness to invest more if conducive commercial and legal frameworks were established.

Geopolitical and Economic Undercurrents

Trump framed the push as a strategic move to counter potential Chinese or Russian influence in Venezuela's vast oil reserves. The initiative also aligns with broader administration goals of addressing domestic energy costs. However, some smaller U.S. producers expressed concerns that an influx of Venezuelan crude could further depress global prices, impacting their own drilling economics. The administration clarified that investments would come from industry funds, not government money, and would disregard past company losses.