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Started By
Message
“Exxon CEO calls Venezuela ‘uninvestable’ without ‘significant changes’”
Posted on 1/9/26 at 5:18 pm
Posted on 1/9/26 at 5:18 pm
quote:
“As President Donald Trump pushed U.S. oil companies to commit to invest $100 billion in Venezuela at a White House meeting on Friday, the CEO of ExxonMobil warned the company is far from enlisting”
“CEO Darren Woods said that Venezuela is "uninvestable” after Trump asked him how long it would take the firm to restart operations there. He added that “significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections,” and there needs to be a rewrite of the laws governing oil production in Venezuela.
He would only commit to sending a technical team to the country shortly to begin assessing the situation. The exchange underscored how the industry is struggling to chart a course that will please the president without spending recklessly on risky drilling ventures.”
“At White House meeting with oil executives, Trump vows they will spend $100 billion. The companies worry the numbers don’t add up”
7
Posted on 1/9/26 at 5:23 pm to rickgrimes
Considering Huey Long’s family is still receiving royalties from Louisiana’s oil, it’s hard to believe anyone believes investing in Venezuela is sound.
Posted on 1/9/26 at 5:24 pm to rickgrimes
they’ll quietly contribute to the ballroom fund in exchange for a government subsidy. That meeting was basically a private fundraiser
Posted on 1/9/26 at 6:48 pm to rickgrimes
Imagine pumping in $5-10 billion in assets and operations and geo politico commandeers it.
Big earl taught me TECOP Risk:
Technical
Economic
Commercial
Operational
Political
Venezuela P risk flows like lava. Mr Woods is after guarantees to mitigate. His shareholders thank him!
Big earl taught me TECOP Risk:
Technical
Economic
Commercial
Operational
Political
Venezuela P risk flows like lava. Mr Woods is after guarantees to mitigate. His shareholders thank him!
This post was edited on 1/9/26 at 6:49 pm
Posted on 1/9/26 at 8:01 pm to rickgrimes
quote:
“significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections
That means US tax payer guarantees
Posted on 1/9/26 at 8:27 pm to 844_Tiger
Bingo government will be the one footing the bill.. Trump had no issues spending tax payer money. Spending continues to go up massively.
Privatize the gains, public loses
Privatize the gains, public loses
Posted on 1/10/26 at 7:42 am to rickgrimes
He’s right, there’s nothing to prevent them spending huge amounts of money to modernize the oil industry in Venezuela, only to have another dictator rise up and seize the assets again. There’s a lot of risks you can take that are much less public and much less absolute if you’re Darren Woods
Posted on 1/10/26 at 8:19 am to Upperdecker
Come on guys. This is politicing by the O&G companies to get help also.
Venezuela is the largest reserves in the world. We aren’t talking minor leagues here, we’re talking about investing in the all stars of the bigs.
I don’t disagree, but the people of Venezuela want this also. It’s not like this is the Middle East where they have something like 2000 years of a religious sec against them.
Venezuela is the largest reserves in the world. We aren’t talking minor leagues here, we’re talking about investing in the all stars of the bigs.
I don’t disagree, but the people of Venezuela want this also. It’s not like this is the Middle East where they have something like 2000 years of a religious sec against them.
Posted on 1/10/26 at 8:27 am to baldona
quote:
not like this is the Middle East where they have something like 2000 years of a religious sec against them.
Middle East nationalized long ago.
Oil companies have invested in Venezuela a few times already and always get burned
There is nothing stable there to guarantee their investments. No serious company is going to invest within a decade because of the risks. With current oil prices and current landscape, risks = costs. There is no incentive here.
Tax payer will be forced to offset the risk
Posted on 1/10/26 at 8:36 am to UltimaParadox
quote:
Middle East nationalized long ago.
Correct, around the same time that that Venezuela had a true democracy.
Posted on 1/10/26 at 9:45 am to baldona
quote:
Venezuela is the largest reserves in the world. We aren’t talking minor leagues here, we’re talking about investing in the all stars of the bigs.
You’re conveniently ignoring a half century of claims against those seized assets. I highly doubt ConocoPhillips or Exxon will willingly allow another company step in before they are compensated for 50 years of prior investments.
Posted on 1/10/26 at 9:51 am to UltimaParadox
quote:
Oil companies have invested in Venezuela a few times already and always get burned
Chevron has been there continuously since 1925
Posted on 1/10/26 at 9:54 am to lsuconnman
quote:
You’re conveniently ignoring a half century of claims against those seized assets. I highly doubt ConocoPhillips or Exxon will willingly allow another company step in before they are compensated for 50 years of prior investments.
Trump told them yesterday that going after old money was off the table. They can make it back with new money.
Moreover, what in the hell are Conoco and Exxon going to do to stop other companies from producing? Not a damn thing!
Posted on 1/10/26 at 10:10 am to SaintsTiger
quote:
Moreover, what in the hell are Conoco and Exxon going to do to stop other companies from producing? Not a damn thing!
If Venezuelan trade is normalized, those companies have billions in outstanding judgments. Paul Singer has been chasing and seizing Argentine property for years. It’s unlikely the rest of the world’s debtor nations will allow a mulligan for Venezuela.
Posted on 1/10/26 at 11:06 am to lsuconnman
Again though. Largest reserves in the world right? There’s money to be made. It’s like they can’t make it back.
Posted on 1/10/26 at 11:54 am to baldona
quote:
Largest reserves in the world right? There’s money to be made. It’s like they can’t make it back.
Unless the cost is very low to get to the oil, all they would be doing is flooding the market with more expensive crude that lowers prices.
We don't have a lack of production at this time
Posted on 1/10/26 at 12:55 pm to lsuconnman
quote:
If Venezuelan trade is normalized, those companies have billions in outstanding judgments. Paul Singer has been chasing and seizing Argentine property for years. It’s unlikely the rest of the world’s debtor nations will allow a mulligan for Venezuela.
Most constitutions don’t allow enforcement against the sovereign. If you get a judgment against a state government, for example, your lawyer can’t legally enforce it because of the constitutional prohibition. He can ask the state legislature to pay it, which they may or may not choose to do.
Also, a money judgment in favor of Exxon cannot prevent the entire industry to operate.
This post was edited on 1/10/26 at 1:01 pm
Posted on 1/10/26 at 2:07 pm to Upperdecker
quote:
He’s right, there’s nothing to prevent them spending huge amounts of money to modernize the oil industry in Venezuela, only to have another dictator rise up and seize the assets again. There’s a lot of risks you can take that are much less public and much less absolute if you’re Darren Woods
Yea there needs to be stability first and honestly it’ll probably take a guarantee from the U.S. govt to protect those assets this time I.e intervene militarily if a dictator were to arise and try to seize them
Posted on 1/10/26 at 2:28 pm to SaintsTiger
quote:
Most constitutions don’t allow enforcement against the sovereign. If you get a judgment against a state government, for example, your lawyer can’t legally enforce it because of the constitutional prohibition.
That is true. But, it’s also the reason there isn’t anyone within Venezuela’s borders willing to help. It’s also the reason Argentina’s navy couldn’t leave its own shores without someone seizing its ships.
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