Trump’s $100 Billion Venezuela Oil Plan Gets a Cool Reception
The New York Times••nation
Key Points:
- President Trump has called for U.S. and European oil companies to invest at least $100 billion in Venezuela's oil sector.
- During a White House meeting, Exxon Mobil CEO Darren Woods expressed reluctance to re-enter Venezuela due to past asset seizures and current investment risks.
- Woods emphasized the need for legal reforms and durable investment protections before Exxon would consider significant investments.
- Exxon offered to send an exploratory team to Venezuela if provided with security guarantees, signaling cautious interest despite current concerns.
- Exxon and ConocoPhillips are pursuing claims against Venezuela for assets seized during nationalization efforts two decades ago, complicating the investment landscape.
