Trump says ExxonMobil, Chevron among companies planning Venezuela business

  • Trump said ExxonMobil and Chevron are among companies planning Venezuelan business.
  • More than 900,000 barrels of oil a day are produced at Exxon’s Stabroek Block.
  • Venezuelan and American officials are expected to sign a reserves-access deal later this week.

ExxonMobil and Chevron are among companies President Donald Trump said are planning to do business in Venezuela, in a potential reversal of Exxon’s departure nearly two decades ago after its assets were nationalized. Exxon declined to comment. The company operates the Stabroek Block in neighboring Guyana, which produces more than 900,000 barrels of oil a day, and said in March it would send a technical team to study opportunities in Venezuela. Trump said U.S. efforts to restart Venezuelan oil production followed U.S. forces’ capture and removal of former President Nicolas Maduro from power in January. Venezuelan and American officials are expected to sign a deal later this week in Caracas granting the U.S. access to a fifth of Venezuela’s crude reserves. Chevron, GE Vernova, India’s ONGC, Italy’s Eni and Colombia’s GeoPark are also expected to announce new or expanded projects.

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