Trump tells oil executives Venezuela is 'open for business,' vows security guarantees

U.S. President Donald Trump told oil executives on Friday (January 9) that Venezuela is "open for business" and that companies would have security guarantees, as his administration moved to encourage U.S. firms to re-engage with the country's energy sector.

During the meeting, Exxon Mobil CEO Darren Woods said the U.S. oil major is ready to evaluate a potential return to Venezuela in what would be a stunning development after its assets in the South American country were nationalized nearly 20 years ago.

Woods, however, said Venezuela was currently "uninvestable" and significant legal changes are needed. The meeting less than a week after U.S. forces captured and removed Venezuelan President Nicolas Maduro from power in a brazen overnight raid.

U.S. forces have continued to apprehend Venezuelan oil tankers at sea to enforce an embargo. The fifth such seizure was announced on Friday.

Trump administration officials have said they need to control Venezuela’s oil sales and revenues indefinitely to ensure the country acts in America’s interests, including by reducing corruption and drug trafficking.

Chevron Vice Chairman Mark Nelson said the company is committed to investments in Venezuela. Chevron is the only U.S. oil major still operating in the country.

Trump said at the meeting that the U.S. would guarantee the physical and financial security of oil companies investing in Venezuela, but did not provide details.

-Andrea Rodriguez/Reuters