What did Trump claim about ExxonMobil's involvement in Venezuela, and how does it contrast with the company's prior public stance?

Trump claimed that 'Exxon [is] going in' to Venezuela alongside Chevron and other major U.S. oil companies, stating they are 'bidding' for opportunities as the U.S. extracts 'millions and millions of barrels of oil' from the country following the removal of Nicolás Maduro. This assertion sharply contrasts with Exxon CEO Darren Woods’ January characterization of Venezuela as 'uninvestable' due to insufficient investment protections — a remark that reportedly drew Trump’s ire — and with Exxon’s subsequent March statement that it would only send a 'technical team to study opportunities', while remaining 'tight-lipped about any plans since' and declining to comment on Trump’s latest claim.

What major oil-related agreement is expected between Venezuela and the U.S., and which other international firms are reportedly involved in new or expanded projects there?

Venezuelan and American officials are expected to sign a deal in Caracas granting the U.S. access to 'a fifth of Venezuela's crude reserves'. Separately, firms including Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are 'on track to announce agreements for new or expanded projects' in Venezuela.

Trump Says Exxon 'Going In' to Venezuela as US Pushes Oil Deals

Aug 31, 2026

President Trump announced that ExxonMobil and Chevron plan to resume business in Venezuela following recent political changes. U.S. officials expect agreements granting access to Venezuelan crude reserves to be signed soon.

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