""If we look at the legal and commercial constructs and frameworks in place today in Venezuela - today, it's uninvestable," Woods said. "Significant changes have to be made to those commercial frameworks, the legal system," he continued. "There has to be durable investment protections, and there has to be change to the hydrocarbon laws in the country." Woods said he was nevertheless "confident" the US could help bring about the necessary changes,"
"Trump has been pushing for major US oil firms to pump money into Venezuelan energy infrastructure since the capture of Nicolás Maduro last week. Trump, who promised companies "total safety and security" to operate in Venezuela, previously said the US could reimburse oil companies for expanding their operations in the South American nation, which has the world's largest oil reserves."
Darren Woods said Venezuela is "uninvestable" because of its existing legal and commercial constructs and frameworks. He said significant changes are needed to commercial frameworks, the legal system, durable investment protections, and hydrocarbon laws. He said Exxon is nevertheless confident the U.S. could help bring about necessary changes and would consider sending a technical team to assess operations. President Trump urged major U.S. oil companies to invest at least $100 billion in Venezuelan energy infrastructure and promised companies "total safety and security" and possible reimbursement for expanding operations. U.S. energy executives offered muted responses and made no concrete pledges. Harold Hamm called Venezuela challenging but exciting.
Read at Business Insider
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