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U.S. President Donald Trump said Monday that ExxonMobil is among several major energy companies preparing to pursue business opportunities in Venezuela as Washington pushes to revive the country’s oil industry.
The potential return would represent a dramatic shift for ExxonMobil, nearly two decades after the U.S. oil giant left Venezuela following the nationalization of its assets. Exxon declined to comment on Trump’s remarks.
“We have Exxon going in, we have Chevron going in, we have our big oil companies going in, and everybody’s bidding,” Trump told reporters during an Oval Office event.
Trump said Venezuelan crude is already being shipped to U.S. refineries, including facilities in Texas and Louisiana. He argued that efforts to restart Venezuela’s oil sector are generating significant financial benefits for both American companies and the United States.
The Trump administration has sought to accelerate Venezuelan oil production since U.S. forces captured and removed former President Nicolas Maduro from power in January.
ExxonMobil’s possible involvement comes after CEO Darren Woods described Venezuela as “uninvestable” during a White House meeting earlier this year. Woods said stronger and more durable investment protections would be necessary before the company could make significant commitments.
Trump subsequently criticized those comments. However, Exxon said in March that it planned to send a technical team to Venezuela to assess potential opportunities. The company has provided few details about its plans since then.
Exxon already has a major presence next door in Guyana, where it operates the prolific Stabroek Block. The project currently produces more than 900,000 barrels of oil per day.
Meanwhile, Venezuelan and U.S. officials are expected to sign an agreement in Caracas later this week that would provide the United States access to one-fifth of Venezuela’s crude oil reserves.
Other international energy companies are also moving toward new or expanded Venezuela projects. Chevron, GE Vernova, India’s ONGC, Italy’s Eni and Colombia’s GeoPark are reportedly preparing to announce agreements, highlighting growing corporate interest in Venezuela’s vast oil resources.
