French Oil Giant Says Reinvesting in Venezuela “Too Expensive”

The CEO of a major oil company has said it is “too expensive and too polluting” to resume operations in Venezuela, despite urging from Donald Trump, Mike Bedigan reported for The Independent.

The French multinational left Venezuela in 2022 but, along with others, has faced pressure from Trump to return. (Photo: TotalEnergies Facebook)

TotalEnergies CEO Patrick Pouyanné said the company pulled out of the South American country “because it clashed with our strategy. It was too expensive and too polluting, and that is still the case.”

The French multinational left Venezuela in 2022 but, along with others, has faced pressure to return from Trump following US military operations that resulted in the capture of the ousted president, Nicolás Maduro, on Jan. 3.

After Maduro and his wife, Cilia Flores, were removed from their home in Caracas, Trump said the United States would “run” Venezuela until the country was stable enough for democratic elections.

He also urged US energy firms to invest $100 billion to rebuild Venezuela’s oil industry, pledging support and saying past problems occurred “because they didn’t have Trump as a president.”

Pouyanné’s stance is not surprising. He has previously said TotalEnergies was in no rush to return.