Trump Seeks $100-B for Venezuela Oil, but Exxon Says Caracas is "Uninvestable"

U.S. President Donald Trump has asked for at least $100 billion (£75 billion) in oil industry investment for Venezuela, but received a lukewarm response at the White House, with one executive warning that the South American country is currently “uninvestable,” Natalie Sherman reported for BBC News.

In the past, Exxon has had its assets seized twice. (Photo: ExxonMobil)

Executives from the largest US oil companies who attended the meeting acknowledged that Venezuela, which sits on vast energy reserves, represents an enticing opportunity.

However, they said significant changes would be required to make the country an attractive investment destination, and no major financial commitments were immediately forthcoming.

Chevron is the last remaining major US oil firm still operating in Venezuela. A handful of companies from other countries, including Spain’s Repsol and Italy’s Eni — both represented at the White House meeting — also remain active there.

Oil executives at the meeting expressed caution. Exxon’s chief executive, Darren Woods, said: “We have had our assets seized there twice, and so you can imagine that to re-enter a third time would require some pretty significant changes from what we’ve historically seen and what is currently the state… Today, it’s uninvestable.”

Venezuela has had a complicated relationship with international oil firms since oil was discovered in its territory more than 100 years ago, Danielle Kaye also reported for BBC News.