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Trump Says Exxon Mobil to Re-enter Venezuela as U.S. Pursues Oil Agreements
President Donald Trump said Monday that U.S. oil major Exxon Mobil Corp. is set to begin operations in Venezuela, marking a potential return to the nation nearly 20 years after its assets were nationalized. Exxon declined to comment on the president's remarks, which come as the U.S. and other international firms move to secure new energy deals with the South American country.
Presidential Announcement
Speaking at a press event in the Oval Office, President Trump stated that major American oil companies were actively engaging with Venezuela. "We have Exxon going in, we have Chevron going in, we have our big oil companies going in, and everybody’s bidding," he said, according to a Reuters report.
The president added that the U.S. is already processing "millions and millions of barrels of oil" from Venezuela at refineries in Texas and Louisiana. The renewed activity follows the removal of former President Nicolas Maduro from power in January.
A Reversal for Exxon
A move into Venezuela would represent a significant strategic reversal for Exxon. The company exited the country after its assets were seized by the government almost two decades ago. The potential re-entry follows a period of caution from Exxon's leadership.
AdIn a January White House meeting, CEO Darren Woods reportedly described Venezuela as "uninvestable" and stressed the need for stronger investment protections. However, the company confirmed in March that it was sending a technical team to evaluate opportunities in the country. Exxon currently operates the highly productive Stabroek Block in neighboring Guyana, which yields more than 900,000 barrels of oil per day.
Broader International Deals
The developments are part of a broader push to reopen Venezuela's vast oil reserves to international investment. U.S. and Venezuelan officials are reportedly set to sign an agreement this week that would grant the U.S. access to one-fifth of the country's crude reserves.
Other international energy firms are also poised to announce new or expanded projects in Venezuela, including:
- Chevron
- GE Vernova
- Eni of Italy
- ONGC of India
- GeoPark of Colombia
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