Trump Announces ExxonMobil's Return to Venezuela Amid US Oil Push

US President Donald Trump announced that ExxonMobil and other major oil companies are planning to do business in Venezuela, marking a significant reversal for the country after nearly two decades of isolation. Trump stated that Exxon is 'going in' to Venezuela, along with Chevron, as part of US efforts to kick-start oil production in the country.

The move comes after US forces removed former President Nicolas Maduro from power in January, and Venezuelan and American officials are expected to sign a deal granting the US access to a fifth of Venezuela's crude reserves later this week. Trump also mentioned that 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 the country.

ExxonMobil CEO Darren Woods previously drew Trump's ire after calling Venezuela 'uninvestable' during a White House meeting in January. However, the company has since sent a technical team to study opportunities in the country, and it remains tight-lipped about any plans.