Trump mulls removing ExxonMobil from Venezuela’s oil plans
President Donald Trump has considered sidelining ExxonMobil from deliberations on Venezuela’s energy sector after the oil company’s chief executive said the Latin American nation was “uninvestable”.
Mr Trump, after the capture of President Nicolás Maduro, announced that Venezuela would surrender about 30 to 50 million barrels of oil to the U.S. and met with U.S. major oil moguls to be part of the new investment in the troubled Latin American country.
CEO of ExxonMobil, Darren Woods, did not share Mr Trump’s enthusiasm for Venezuela’s oil, rehashing the seizure of the company’s assets and an unpaid $20 billion debt under former President Hugo Chávez, who forced out Western oil companies.
“We have had our assets seized there twice and so you can imagine to re-enter a third time would require some pretty significant changes from what we’ve historically seen and what is currently the state,” Mr Woods said in a meeting with Mr Trump on Friday attended by executives from other oil firms. “If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable.”
Mr Trump was not impressed by the oil executive’s outlook.
“I’d probably be inclined to keep Exxon out. I didn’t like Exxon’s response,” Mr Trump told reporters aboard Air Force One on a trip from West Palm Beach, Florida, to Washington. “They’re playing too cute.”
Mr Trump is determined to “run” Venezuela and sell off its assets with the help of U.S. oil companies but Mr Woods’ reluctance may leave the company on the sidelines as those plans take shape.
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