US EditionChevron Plans 50% Venezuela Output Boost as Exxon Weighs Return
President Trump urged major oil firms to invest $100 billion to rebuild Venezuela's oil sector, aiming to increase crude output and leverage oil revenues for U.S. policy.
- On Friday at the White House, Exxon Mobil CEO Darren Woods told President Donald Trump Venezuela is currently uninvestable and offered to send an Exxon technical team to assess assets.
- Because of past seizures and arbitration claims, Venezuela seized Exxon Mobil's and ConocoPhillips's assets in 2007, and leaders said weak legal and commercial frameworks deter majors without major reforms.
- About 240,000 barrels per day is Chevron's current output, and Mark Nelson, Chevron Vice Chairman, said liftings could rise 100% shortly while internal production grows about 50% in 18 to 24 months.
- On Friday, President Donald Trump urged major U.S. oil companies to invest at least $100 billion in Venezuela with security guarantees, but CEOs did not commit while Chevron may take risks to boost production.
- Despite optimism, reports stressed Venezuela's oil sector needs revitalization, with officials saying the banking sector must restructure debt and provide billions, while President Donald Trump expects rapid investment agreements.
326 Articles
326 Articles
They admit the potential of the country, but will not invest without political and legal guarantees
Zero Hedge
BizToc"Uninvestable": Trump's $100 Billion Venezuela Gamble Meets Oil Industry Reality
"Uninvestable": Trump's $100 Billion Venezuela Gamble Meets Oil Industry Reality President Donald Trump’s push for U.S. oil companies to commit at least $100 billion toward rebuilding Venezuela’s energy industry is meeting significant resistance from the very executives he is courting, according to Bloomberg. Although the White House projects confidence, industry leaders are warning that Venezuela remains too unstable for major investment, with …
Nearly a week after ordering the kidnapping of Nicolas Maduro, Donald Trump brought together the leaders of the major American oil companies on Friday, January 9, predicting on this occasion 100 billion euros of investment in the oil sector in Venezuela. At the end of this much-awaited meeting, however, the latter were much less enthusiastic than the tenant of the White House... How to explain these reservations? Elements of response with Homayo…
Exxon CEO calls Venezuela 'uninvestable' during meeting with Trump
ExxonMobil CEO Darren Woods meets President Donald Trump at the White House on Friday.Alex Wong/Getty ImagesThe CEO of ExxonMobil said Venezuela is "uninvestable" in its current state.Darren Woods' comments came during a meeting with President Donald Trump and oil execs on Friday.Trump is pushing for major US oil companies to pump at least $100 billion into Venezuela.President Donald Trump's $100 billion plan to invest in Venezuela's oil industr…
US President Donald Trump has called on the oil industry to invest at least $100 billion in Venezuela, but the call has met with a subtly cautious response from the White House.
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