""Venezuela has those challenges that I mentioned, which I believe in time will get addressed,""
""We think we bring an advantaged approach that will lead to lower-cost production, higher recovery and, therefore, more economic barrels onto the marketplace. That's I think the opportunity set that will play out over time,""
""uninvestable""
Exxon Mobil and Chevron have no plans to increase capital spending in Venezuela this year while awaiting legal and political reforms intended to attract foreign oil investment. President Donald Trump has promoted more than $100 billion in U.S. oil investment to rebuild Venezuela's infrastructure after Nicolás Maduro's removal. Exxon views Venezuela as currently "uninvestable" until major reforms and stability occur, citing past expropriation and the high costs of extracting extra-heavy crude. Venezuela's National Assembly began approving oil and gas law reforms on Jan. 29. Exxon highlights heavy-oil expertise from Canadian operations and plans a small technical team visit to assess conditions.
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