Oil executives expressed skepticism about President Trump's plan to revive Venezuela's energy industry with a proposed $100 billion investment, citing significant risks and past experiences with asset seizures. The reaction came during a White House meeting where Trump sought to gain industry buy-in for his plan to take charge of the Venezuelan oil sector.
Darren Woods, Exxon Mobil's chief executive, directly addressed the challenges his company would face in returning to Venezuela, where it had previously experienced asset seizures. "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 stated at the meeting, adding, "Today it's uninvestable."
Exxon Mobil has a history of operating in challenging environments, with substantial investments in projects like deep-water drilling off the coast of Guyana and a $19 billion natural gas project in Papua New Guinea. However, the company's past experiences in Venezuela appear to be a major deterrent.
The potential $100 billion investment would aim to revitalize Venezuela's struggling oil industry, which has suffered from years of mismanagement and underinvestment. However, the political and economic instability in the country, coupled with the risk of further asset seizures, are significant concerns for oil companies. The executives' reluctance highlights the complexities and uncertainties surrounding any potential involvement in Venezuela's energy sector, despite the potential for significant returns.
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