Trump: Exxon 'going in' as US pushes Venezuela oil deals
HOUSTON: US President Donald Trump said Monday that ExxonMobil, the largest US oil major, was among a group of companies planning to do business in Venezuela.
US President Donald Trump announced on Monday that major US oil companies, including ExxonMobil, are set to enter the Venezuelan oil market. This move comes nearly two decades after Exxon withdrew from Venezuela following the nationalization of its assets. ExxonMobil currently operates the Stabroek Block in Guyana, which produces over 900,000 barrels of oil daily.
Trump highlighted that several major oil companies, including Exxon, Chevron, and others, are in the process of making bids for opportunities in Venezuela. He also noted that the US is reclaiming millions of barrels of oil currently shipped to refineries in Texas and Louisiana.
Trump credited US efforts to restart oil production in Venezuela, following the ousting of former President Nicolas Maduro in January. However, Exxon CEO Darren Woods had previously criticized Venezuela's lack of investment protections during a White House meeting in January, leading to Exxon's reluctance to invest.
In an upcoming deal in Caracas, Venezuelan and US officials will grant the US access to a fifth of Venezuela's crude reserves. Other oil firms, such as Chevron, GE Vernova, ONGC of India, Eni of Italy, and GeoPark of Colombia, are also expected to announce agreements for new or expanded projects in the South American country.
Exxon's potential return to Venezuela marks a significant shift in the country's oil landscape, potentially unlocking billions of dollars in revenue and impacting energy markets both domestically and globally.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
