Trump Signals ExxonMobil Could Be Shut Out Of Venezuela After 'Uninvestable' Remark

US President Donald Trump said he was "inclined" to exclude ExxonMobil from Venezuela after the company’s top executive described the South American country as "uninvestable".

Trump chaired a meeting at the White House on Friday with oil and gas executives to discuss plans for developing Venezuela’s oil reserves following the ouster of former president Nicolás Maduro.

“No, I didn't like Exxon's response. You know, we have so many that want it, and I'd probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute,” Trump told reporters aboard Air Force One while travelling from Florida to Washington DC.

During the meeting, ExxonMobil chief executive Darren Woods said conditions in Venezuela were “uninvestable.” “If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestable, and so significant changes have to be made to those commercial frameworks, the legal system. There has to be durable investment protections, and there has to be a change to the hydrocarbon laws in the country,” Woods said.

Woods later expressed confidence that, with the Trump administration and President Trump working closely with the Venezuelan government, “that those changes can be put in place.” He added that in the short term, “there are things that can be done while these longer term issues are being worked (out). We haven't been in the country for almost 20 years.”

“We think it's absolutely critical in the short term that we get a technical team in place to assess the current state of the industry and the assets to understand what would be involved to help the people of Venezuela get production back on the market. With the invitation of the Venezuelan government and with appropriate security guarantees, we are ready to put a team on the ground there.”

Several other executives at the meeting voiced similar reservations, cautioning that the industry would first need strong security and financial guarantees before undertaking the years-long process of ramping up oil production, CNN reported.