U.S. Oil Firms skeptical on Venezuela Return

12 Jan U.S. Oil Firms skeptical on Venezuela Return

(Oilandgaspress) Major U.S. oil companies are signaling caution about a large-scale return to Venezuela’s oil sector despite strong encouragement from the White House for renewed investment, industry and government sources say.

In a high-profile meeting at the White House last week, President Donald Trump called on American energy firms to invest up to $100 billion to help rebuild Venezuela’s dilapidated oil infrastructure and boost production. The administration has framed the initiative as a way to strengthen domestic energy supplies and reduce global oil prices, while offering assurances that companies undertaking the work would receive “total safety” and security support from the U.S. government.

However, executives from several of the nation’s largest oil companies expressed skepticism about plunging into operations in Venezuela under current conditions. ExxonMobil CEO Darren Woods described the environment in Venezuela as “uninvestable” without significant reforms to legal, commercial, and investment protections — a caution echoed by other senior industry leaders.

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