U.S. President Donald Trump offered on Friday during a meeting at the White House with the CEOs of the world's leading oil companies 'long-term government protection and security' for both national and international oil companies, urging them to invest in Venezuela. Trump stated that the plan is for U.S. oil companies to invest 'at least $100 billion of their own capital, not government money,' to revitalize infrastructure in the Caribbean nation and, over time, increase oil production. Trump's bet on security for companies deciding to invest in Venezuela, following the capture of Nicolás Maduro and the change in presidency, comes as a response to sector concerns over the country's political instability. Specifically, ExxonMobil CEO Darren Woods pointed out during his remarks at the White House meeting that 'significant changes' are needed in Venezuela's situation for his company to invest in the Caribbean nation. 'If we analyze the current legal and commercial structures and frameworks in Venezuela, we find it is an unattractive country for investment, so significant changes must be made to these commercial frameworks and the legal system,' Woods stated. In contrast to ExxonMobil's doubts, other companies, such as Repsol, took a different stance.
