High-Risk Gamble? Oil Giants Wary of Venezuela Deal
U.S. President Donald Trump’s bold $100 billion proposal to rebuild Venezuela’s oil industry met skepticism from major energy CEOs during a White House meeting yesterday, with executives citing legal risks and past losses. 💡 Exxon Mobil CEO Darren Woods bluntly called the country "uninvestible" under current conditions, while ConocoPhillips’ Ryan Lance highlighted a $12 billion loss from previous asset nationalizations.
Chevron, the only U.S. firm still operating in Venezuela via a joint venture, cautiously avoided commitments to scale up operations. Meanwhile, the Trump administration continues seizing Venezuelan oil assets—including a fifth tanker this week—as part of its strategy to control the nation’s energy exports. 🌎
Why It Matters
Venezuela holds the world’s largest proven oil reserves (303 billion barrels!), but decades of political turmoil and U.S. sanctions have left its infrastructure in ruins. While Trump frames this as a "GREAT Energy Deal," industry leaders remain unconvinced. 🔍 With Maduro’s arrest last week escalating tensions, analysts warn this high-stakes play could reshape global energy markets—if anyone’s willing to bet on it.
