Oil executives expressed reservations Friday about President Trump's proposal for major U.S. and European oil companies to invest at least $100 billion in Venezuela's oil sector. The executives voiced their concerns during a White House meeting, citing significant risks and the need for substantial legal and investment protections.

Darren Woods, CEO of Exxon Mobil, emphasized the challenges of re-entering Venezuela, where the company has had assets seized twice. "We've had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes," Woods said during the televised portion of the meeting. "Today it's uninvestable."

Woods stated that Exxon Mobil would need legal changes and durable investment protections before considering a return to Venezuela. However, he offered a potential step forward, indicating Exxon was prepared to send an exploratory team to Venezuela within the next few weeks if it received security guarantees.

Exxon Mobil and ConocoPhillips, another major U.S. oil company, have outstanding claims against the Venezuelan government for assets seized during a nationalization wave two decades ago. The companies are seeking to recoup substantial sums, which appeared to be a priority during the Friday discussions.

The potential investment aims to revitalize Venezuela's struggling oil industry, which has suffered from years of mismanagement and underinvestment. However, the current political and economic instability in Venezuela presents significant hurdles for foreign investors. The country's oil production has declined sharply, impacting its revenue and overall economic stability.

The oil executives' cautious response highlights the complexities and risks associated with investing in Venezuela's oil sector, despite the potential for significant returns. The success of any future investment hinges on addressing legal uncertainties, ensuring security, and establishing a stable political and economic environment.