U.S. President Donald Trump said Monday that ExxonMobil, the largest U.S. oil major, was among a group of companies planning to do business in Venezuela.
Exxon declined to comment. Any entrance into the South American country would mark a stunning reversal nearly two decades after the company exited following the nationalization of its assets. The oil producer operates the prolific Stabroek Block in next-door Guyana, which currently produces more than 900,000 barrels of oil a day.
“We have Exxon going in, we have Chevron going in, we have our big oil companies going in, and everybody’s bidding,” Trump said at a press event in the Oval Office, adding that the U.S. was taking out “millions and millions of barrels of oil” that is currently being shipped to refineries in Texas and Louisiana, among other locations.
“We’re making a fortune, and they’re making a fortune. They’re starting to make real money,” Trump continued, referring to American efforts to kick-start oil production in the country after U.S. forces captured and removed former President Nicolas Maduro from power in January.
Exxon CEO Darren Woods drew Trump’s ire after he called Venezuela “uninvestable” during a White House meeting in January, saying that more durable investment protections were needed. The company in March said it would be sending a technical team to study opportunities in the country, although it has been tight-lipped about any plans since.
Venezuelan and American officials are expected to sign a deal that would grant the U.S. access to a fifth of Venezuela’s crude reserves later this week in Caracas. Separately, firms including Chevron, GE Vernova, India’s ONGC, Italy’s Eni and Colombia’s GeoPark are also on track to announce agreements for new or expanded projects in the country.
(Reporting by Sheila Dang in Houston; Editing by Nathan Crooks and Stephen Coates)