Trump Signals He May Exclude ExxonMobil From Venezuela Oil Investments After CEO Called Country 'Uninvestable'
President Trump signaled he may exclude ExxonMobil from U.S.-backed Venezuela oil investments after CEO Darren Woods called Venezuela 'uninvestable,' citing legal and security issues.
Overview
President Donald Trump said he is inclined to exclude ExxonMobil from U.S.-backed Venezuela oil investments after CEO Darren Woods called Venezuela 'uninvestable' during a Jan. 9 White House meeting.
Woods told the administration Exxon would need durable legal and investment protections, hydrocarbon law changes and an invitation from Caracas before committing to reenter Venezuela's oil sector.
Trump said he 'didn't like Exxon's response' and accused the company of 'playing too cute,' adding many other firms expressed readiness and he demanded speed and quality.
The administration has seized tankers, plans to sell 30–50 million barrels now, and Trump urged at least $100 billion in private investment to rebuild Venezuela's degraded oil infrastructure.
Analysts warn boosting long-term production will take decades and tens of billions; environmental experts caution heavy crude raises emissions, spill risks and methane leaks in fragile ecosystems.
Analysis
Center-leaning sources frame U.S. intervention as driven by strategic and economic interests, emphasizing Trump’s control and oil opportunities while including skeptical voices. Through repeated presidential and industry quotes, selective sourcing of administration officials, and opening paragraphs foregrounding oil and stability, coverage suggests U.S. governance goals over an immediate democratic transition.
Sources (23)
FAQ
CEO Darren Woods stated that the current legal and commercial frameworks in Venezuela lack durable investment protections, require changes to hydrocarbon laws, and need an invitation from the Venezuelan government.
Trump said he is 'inclined' to exclude ExxonMobil from U.S.-backed Venezuela oil investments, accusing the company of 'playing too cute' and noting other firms are ready to invest quickly.
The administration has seized tankers, plans to sell 30-50 million barrels of Venezuelan crude at market prices with proceeds held in U.S. banks, and signed an executive order protecting oil revenue from judicial seizures.
Analysts warn that boosting production will take decades and tens of billions in investment; past expropriations in 2007 make companies like ExxonMobil reluctant without legal protections.
Chevron is the only major U.S. oil company with significant current operations; ExxonMobil and ConocoPhillips exited after 2007 expropriations but ExxonMobil is considered a candidate for re-entry despite tensions.
History
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