Executives from the largest oil companies in the United States met at the White House with President Donald Trump. The meeting took place last Friday (9) to discuss the return of investments in Venezuela, the country with the largest oil reserves in the world. The American president pushed to reactivate Venezuelan production during the meeting, which took place after the capture of dictator Nicolás Maduro.
According to the newspaper Folha de São Pauloa CEO yes Exxon MobilDarren Woods, said that the company considers it possible to return to the country. He also said that he could send a technical team in the coming weeks, but classified Venezuela as “uninvestable” under current conditions.
Woods recalled that Exxon had assets confiscated twice since the 1940s. Furthermore, he stated that significant changes in contracts, laws and the legal system would be necessary for a new investment.
Executives like Ryan Lance of ConocoPhillips highlighted the need for legal, financial and security guarantees. They also cited the possible participation of American banks in financing. Others, like Harold Hamm of Continental Resources, expressed optimism but did not commit to investing.
Trump promised to offer support to the sector, without detailing how, and stated that 30 million barrels of oil have already been sent to the American economy since the capture of dictator Nicolás Maduro. “I hope I don’t have to give a guarantee. We’re going to help them. They’re going to be there for a long time,” said the president.
