Woods said that while he is confident that Venezuela would witness the necessary changes under the US administration, ExxonMobil will put a technical team on the ground to assess the country’s oil infrastructure
The CEO of ExxonMobil, America’s largest oil and natural gas company, Darren Woods, has said that the current state of
Venezuela makes the country “uninvestable.” He, however, expressed optimism that the situation might change after US President Donald Trump’s operation in the country.
Woods’ comments came as Trump huddled with oil company executives to strike a deal and invest in Venezuela now that it is out of ousted president Nicolas Maduro’s hands.
“We’ve had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes,” he said at a meeting with Trump. “If we look at the legal and commercial constructs and frameworks in place today in Venezuela – today, it’s uninvestable.” The company was actively working in Venezuela in the 1940s but exited in 2007 after refusing demands by then-president Hugo Chavez to cede majority control to the state.
Exxon CEO: If you look at the commercial constructs, frameworks in place in Venezuela today, it’s uninvestable. Significant changes have to be made to these frameworks, the legal system. There has to be durable investment protections and change to the hydrocarbon laws. pic.twitter.com/vpdH6ftfzm
— Acyn (@Acyn) January 9, 2026
Woods said that while he is confident that Venezuela would witness the necessary changes under the US administration, ExxonMobil will put a technical team on the ground to assess the country’s oil infrastructure.
Meanwhile,
Trump on Friday promised oil giants “total safety and security” in Venezuela, just days after he took control of the Latin American nation’s oil reserves. Trump held a roundtable press conference at the White House in a bid to persuade oil giants to invest a whopping $100 billion in
Venezuela.
The discussions are being held right after the US forces toppled the draconian regime of Venezuelan President
Nicolas Maduro and captured him and his wife. The oil executives included leaders from Chevron, ExxonMobil and ConocoPhillips. At the meeting, the American leader doubled down on claims that Maduro’s arrest presents American oil companies with an unprecedented opportunity for extraction.
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