Donald Trump has threatened to block ExxonMobil from investing in Venezuela after its chief executive, Darren Woods, described the country as 'uninvestable' during a White House meeting. The US president urged a group of oil executives to spend $100bn to revitalise Venezuela's oil industry, just days after US forces removed President Nicolás Maduro from power.
Woods told Trump that Venezuela would need to change its laws before it could attract investment, citing the seizure of Exxon's assets twice in the past. 'If we look at the legal and commercial constructs and frameworks in place today in Venezuela, it's uninvestable,' he said. Trump responded by saying he was inclined to keep Exxon out, accusing the company of 'playing too cute'.
Exxon, ConocoPhillips and Chevron were once prominent partners of Venezuela's state oil company PDVSA, but nationalisation between 2004 and 2007 led to Exxon and ConocoPhillips leaving and filing arbitration cases. Venezuela now owes over $13bn to the two companies. ConocoPhillips CEO Ryan Lance called for debt restructuring and reform of the energy system.
Trump said his administration would decide which firms could operate in Venezuela, adding: 'You're dealing with us directly. You're not dealing with Venezuela at all.' He later signed an executive order to block seizure of revenue from Venezuelan oil sales held in US Treasury accounts.
