In a high-stakes meeting at the White House, ExxonMobil CEO Darren Woods delivered a stark assessment of Venezuela’s investment climate during discussions with President Donald Trump, Vice President JD Vance, and Secretary of State Marco Rubio. Despite recent geopolitical shifts that saw the removal of Nicolás Maduro’s administration, Woods unequivocally stated that Venezuela remains ‘uninvestable’ without comprehensive legal and institutional reforms.
Woods emphasized the necessity of robust investment protections, citing ExxonMobil’s two previous experiences with nationalization in the country. ‘We’ve lost our assets there twice through nationalization,’ Woods noted. ‘Returning for a third time requires significant changes from what we’ve observed historically and currently.’ The energy giant insists on fundamental modifications to Venezuela’s oil and gas legislation before considering reentry, contingent on deploying technical teams to evaluate industry infrastructure under adequate security conditions.
The meeting revealed divergent perspectives among major energy corporations. Chevron, currently the only U.S. oil major operating in Venezuela, expressed optimism about rapidly scaling production. Vice Chairman Mark Nelson projected an immediate doubling of output through joint ventures with state-owned PDVSA, with further growth anticipated within 18-24 months, though acknowledging dependence on political and economic stability.
Meanwhile, ConocoPhillips continues seeking billions in compensation from Venezuela for past nationalizations. CEO Ryan Lance emphasized the need for PDVSA reorganization and the crucial role of financial institutions in facilitating infrastructure investments.
President Trump conveyed confidence in recovering investments and forging a new beginning, while industry leaders maintained that Venezuela’s substantial oil reserves remain inaccessible without fundamental reforms that guarantee investor protection and sustainable operational frameworks.