President Donald Trump told reporters in the Oval Office on Monday that several large U.S. oil companies, including ExxonMobil and Chevron, were preparing to enter Venezuela's oil sector as part of renewed commercial engagement with the country.
"We have Exxon going in, we have Chevron going in, we have our big oil companies going in, and everybody's bidding," Trump said, adding that the United States was extracting "millions and millions of barrels of oil" that currently head to refineries in Texas and Louisiana and other locations. "We're making a fortune, and they're making a fortune. They're starting to make real money," he said, referring to U.S. efforts to revive oil production in Venezuela after U.S. forces captured and removed former President Nicolas Maduro from power in January.
ExxonMobil declined to comment on the president's statement. Any return by Exxon to Venezuela would reverse the company's exit nearly two decades earlier, when it left following the nationalization of its Venezuelan assets.
The company continues to operate the prolific Stabroek Block next door in Guyana, which the article notes is producing more than 900,000 barrels of oil per day.
Exxon chief executive Darren Woods previously described Venezuela as "uninvestable" during a White House meeting in January, a comment that drew the president's ire. In March, Exxon said it planned to send a technical team to evaluate opportunities in Venezuela, but the company has been tight-lipped about any concrete plans since then.
Separately, Venezuelan and American officials are expected to sign an agreement in Caracas later this week that would give the United States access to one-fifth of Venezuela's crude reserves, according to the reporting. In addition to Exxon and Chevron, firms reported to be on track to announce new or expanded projects in Venezuela include GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark.
The evolving situation has translated into market moves for some energy-related stocks referenced in reporting: Chevron, Eni and ExxonMobil were noted with positive intraday moves while ONGC and GE Vernova were reported with smaller or negative moves; GeoPark was reported to have the largest gain among those listed.
As corporate interest and government negotiations proceed, several details remain unsettled publicly. Exxon has not confirmed operational plans, and companies said to be pursuing deals have not all issued full disclosures on the scope or timing of projects. The expected Caracas signing later in the week indicates progress on a formal arrangement but leaves open the specifics of implementation and the contractual mechanics.
The developments underscore renewed commercial activity in Venezuela's oil sector involving a mix of U.S., European, Indian and regional firms, alongside statements from the U.S. president on the potential economic benefits of reopening Venezuelan output to international players.