Our Views on Venezuela Discussed with President Trump

During a recent meeting at the White House, industry leaders gathered to discuss potential energy investments in Venezuela. Darren, representing ExxonMobil, emphasized the urgency of the situation and outlined opportunities and challenges in the region.

ExxonMobil’s Interest in Venezuela

Darren highlighted that many players in the oil industry are keenly interested in Venezuela due to its plentiful resources. He stated that the depletion business is ongoing as global demand for energy will continue for decades. However, the primary challenge lies in the development of these resources.

The Long-Term Strategy

ExxonMobil adopts a strategic long-term perspective while entering new markets. According to Darren, successful investments must create a win-win-win scenario:

• For the company: Generating returns for shareholders.
• For the government: Providing essential revenue sources.
• For the local population: Ensuring a positive impact and acceptance.

This philosophy aims to ensure a stable environment for significant investments over time.

Historical Context

ExxonMobil has a deep-rooted history in Venezuela, dating back to the 1940s. The company has experienced asset seizures twice, which raises concerns about reinvestment.

Current Investment Climate

According to Darren, the current legal and commercial frameworks render Venezuela “uninvestable.” Significant reforms are required in several areas, including:

• Legal frameworks to protect investments.
• Hydrocarbon laws to facilitate operations.
• Durable investment protections for foreign companies.

He expressed confidence that, with collaboration from President Trump and the Venezuelan government, these necessary changes might be achieved.

Short-Term Actions for ExxonMobil

Darren also outlined immediate strategies. With Venezuela’s oil sector unproductive for nearly 20 years, he stated the necessity of deploying a technical team. This team would assess the current state of the oil industry and determine ways to restore production.

The company is prepared to mobilize, contingent upon security guarantees from the Venezuelan government. ExxonMobil believes it has the integrated capabilities—from production to trading—that could assist in renewing Venezuelan crude oil exports and improving the country’s financial state.

In conclusion, Darren thanked President Trump and key administration officials for their ongoing efforts to enhance regional energy security and national stability.