President Donald Trump said American oil companies—as well as some European players—will spend at least $100 billion in Venezuela to “very rapidly rebuild [its] dilapidated oil industry” and create great wealth during a meeting with top oil executives Jan. 9 at the White House.
But the CEOs of ExxonMobil, ConocoPhillips, and more quickly put a damper on the message, saying it will take considerable time to enact necessary legal reforms and security measures within the country before they can make any long-term commitments to reenter Venezuela for decades to come.
