The largest US oil and gas corporation, ExxonMobil, deems Venezuela “uninviting for investment” until conditions for American enterprises in the nation improve. This was stated by the corporation’s CEO, Darren Woods, at a meeting in the White House on January 9th.
“Our assets there have been seized twice already, thus, as you can imagine, a third return will necessitate rather substantial shifts,” Reuters quoted him as saying.
Woods conveyed certainty that reforms “can be realized” under the current US administration, “collaborating closely with the Venezuelan government.”
In 2007, the Venezuelan government compelled foreign firms to transfer controlling stakes in joint ventures to the state-owned PDVSA. ExxonMobil, along with ConocoPhillips, declined to comply, exited the country, and pursued international arbitration. Venezuelan authorities still owe Exxon billions of dollars based on international arbitration rulings as recompense for the seized properties. Unlike Exxon, another major US oil firm, Chevron, accepted the Venezuelan government’s terms and continued operations in the Bolivarian Republic.
On January 3, 2026, US military forces apprehended the country’s leader, Nicolás Maduro, in Caracas and transported him and his spouse to the US, where he was charged with narco-terrorism.
On January 9, the head of the White House, Donald Trump, convened leaders of major petroleum companies and proposed they invest $100 billion in Venezuela for a significant expansion of hydrocarbon extraction. “American firms will gain the opportunity to restore Venezuela’s crumbling energy infrastructure and ultimately boost oil production to unprecedented levels,” Trump told the business leaders.
Venezuela possesses the world’s largest crude reserves, but a lack of capital infusion has led to diminished output, meaning the nation now accounts for only about 1% of global supply, Reuters observes. For perspective: half a century ago, the republic extracted 3.5 million barrels per day, which is more than triple the current production level.
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