Chevon, Exxon Give OK To Trump's Venezuela Plan


   
Kristina Davis
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Oil majors Chevron and Exxon stated their willingness 
on Friday (1/9) to help boost production in Venezuela at a meeting called by 
U.S. President Donald Trump to assess industry support for reviving the 
fortunes of the South American nation remotely run now by his administration.

   Chevron's Vice President Mark Nelson told Trump it could start boosting its 
lifting of crude oil in Venezuela, where it was already operating on a limited 
partnership, according to media reports.

   Exxon's CEO Darren Woods said the company was ready to put a team on the 
ground in Venezuela over the next couple of weeks, although he voiced 
inhibitions about reinvesting in a country where the company had its assets 
seized twice previously by the local government.

   ConocoPhillips CEO Ryan Lance also spoke of losing $12 billion of assets 
previously in Venezuela.

   Venezuela's oil production used to be as high as 3.5 million bpd in the late 
1990s before it expelled U.S. production partners under an aggressive 
nationalization move. It currently produces around 1 million bpd or less, 
according to OPEC.

   The meeting at the White House capped a week of whirlwind activity that 
begin with U.S. military forces' capture of Venezuelan president Nicolas Maduro 
on Saturday (1/3). It was accentuated by Trump's social media post on Friday 
(1/2) that U.S. oil majors had indicated in conservations with him their 
willingness to invest a total of some $100 billion in Venezuela.

   None of the industry executives at the White House meeting spoke openly of 
any financial commitments for Venezuela though and reporters were cleared from 
the room before Trump began earnest discussions on how to proceed with his 
agenda.

    




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