US President Donald Trump has said he may block ExxonMobil from investing in Venezuela after the company’s chief executive called the South American nation “uninvestable” during a White House meeting last week.
During a meeting with at least 17 other oil executives on Friday, Trump urged the group to spend $100bn to revitalise Venezuela’s oil industry, just days after US forces captured and removed President Nicolás Maduro from power. However, ExxonMobil CEO Darren Woods responded sceptically, noting that the company’s assets had been seized in Venezuela twice and that significant legal and commercial reforms would be needed before re-entering.
“I didn’t like Exxon’s response,” Trump told reporters on Air Force One on Sunday. “I’ll probably be inclined to keep Exxon out. They’re playing too cute.” Woods told Trump that the country’s hydrocarbons law required reform and durable investment protections were necessary, stating: “If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it’s uninvestable.”
ConocoPhillips CEO Ryan Lance also spoke, calling for a restructuring of Venezuela’s debt and its entire energy system. Trump said ConocoPhillips would recover much of its money, but added: “We’re not going to look at what people lost in the past because that was their fault.” On Friday, Trump asserted that his administration would decide which firms could operate in Venezuela, telling executives: “You’re dealing with us directly. You’re not dealing with Venezuela at all.”
On Saturday, Trump signed an executive order blocking courts or creditors from seizing revenue tied to Venezuelan oil sales held in US Treasury accounts. Venezuela owes over $13bn collectively to ConocoPhillips and Exxon for past expropriations, according to court rulings.
