Trump says ExxonMobil plans Venezuela return nearly two decades after exit

  • Donald Trump identified ExxonMobil among companies planning business in Venezuela.
  • Stabroek Block produces more than 900,000 barrels of oil daily in Guyana.
  • Venezuelan and American officials were expected to sign a Caracas deal later that week.

U.S. President Donald Trump said ExxonMobil was among companies planning to do business in Venezuela, a potential return nearly two decades after the oil major exited following the nationalization of its assets. Exxon declined to comment. The company operates the prolific Stabroek Block in neighboring Guyana, which produces more than 900,000 barrels of oil a day. Trump also said Chevron and other major U.S. oil companies were entering Venezuela and that American firms were taking millions of barrels of oil to refineries in Texas, Louisiana and elsewhere. He said the companies and the United States were beginning to make substantial profits after U.S. forces captured and removed former President Nicolas Maduro from power in January. Exxon CEO Darren Woods had drawn Trump’s criticism after describing Venezuela as "uninvestable" at a January White House meeting and calling for stronger, more durable investment protections. Exxon said in March that it would send a technical team to examine opportunities in Venezuela but has not publicly detailed plans since. Venezuelan and American officials were expected to sign a deal later that week in Caracas granting the United States access to one-fifth of Venezuela’s crude reserves. Chevron, GE Vernova, India’s ONGC, Italy’s Eni and Colombia’s GeoPark were also on track to announce agreements for new or expanded projects in the country.

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