Despite the US president’s urging, energy firms are reluctant to return to the country, which one oil exec described as ‘uninvestable’
US President Donald Trump has signed an executive order protecting US-held money derived from sales of Venezuelan oil, after the ousting of Nicolas Maduro, the White House said.
In an order signed on Friday, Trump – who has made clear that tapping Venezuela’s vast oil reserves was a key goal in the US ousting of Maduro – is acting “to advance US foreign policy objectives”, the White House said in a fact sheet accompanying the order.
The action follows a meeting Friday in Washington where Trump pressed top oil executives to invest in Venezuela, and was met with a cautious reception – with the chief executive of ExxonMobil describing the country as “uninvestable” without sweeping reforms.
ExxonMobil and ConocoPhillips exited in 2007 after refusing demands by then-president Hugo Chavez to cede majority control to the state. They have been fighting to recoup billions of dollars they say Venezuela owes them.
Chevron is currently the only US firm licensed to operate in Venezuela.
Trump’s executive order signed on Friday declares a national emergency “to safeguard Venezuelan oil revenue held in US Treasury accounts from attachment or judicial process”, the White House fact sheet said.