WASHINGTON – Exxon Mobil is still interested in sending a technical team to Venezuela to assess oil infrastructure and other assets, despite recent remarks by U.S. President Donald Trump that he might block the energy giant from participating in the country’s oil revival efforts.
According to sources familiar with the company’s strategy, Exxon’s leadership remains open to evaluating on-the-ground conditions in Venezuela and could send a team within weeks—provided circumstances improve. The company’s chief executive, Darren Woods, raised the idea during a White House meeting with Trump and other top executives on January 9, saying that Venezuela would need legal reforms and stronger investment protections before Exxon would commit to operations.
However, Trump publicly criticized Exxon’s response, telling reporters aboard Air Force One that he “didn’t like Exxon's response” and that he was “inclined to keep Exxon out” of Venezuela’s energy sector.
The comments come amid a broader push by the Trump administration to attract as much as $100 billion in private energy investment to rebuild Venezuela’s depleted oil industry after the recent U.S. intervention that led to the removal of President Nicolás Maduro.
Why Exxon Is Hesitant
Exxon and fellow American producer ConocoPhillips left Venezuela in the early 2000s after nationalization under then-President Hugo Chávez, and both companies are still owed more than $13 billion in arbitration awards related to expropriated assets.
Executives say their hesitation is rooted in long-standing concerns over Venezuela’s legal and commercial frameworks, which they describe as insufficiently stable to justify major investments. Woods called Venezuela “uninvestable” under current conditions unless reforms are enacted.
Industry analysts note that while Trump’s pressure on Exxon signals strong U.S. political interest in tapping Venezuela’s vast oil reserves, the challenges remain significant. Major energy projects often require years of planning and legal certainty before companies commit capital, and unresolved disputes over past losses continue to weigh on corporate decision-making.
Chevron and Other Oil Majors
While Exxon’s future role remains uncertain, other companies appear more willing to engage with Venezuela’s energy sector. Chevron — the only major U.S. producer still operating in the country — has been highlighted as a potential growth driver, with U.S. officials saying it could boost production significantly under the right conditions.
International groups such as Chevron, Shell, Repsol and Italy’s ENI were reported by U.S. energy officials as planning to increase investment in Venezuela following the White House meeting, potentially reshaping the landscape for foreign oil firms in the region.