Exxon Sends Team to Venezuela to Assess Oil Investment Potential

Exxon Mobil Corp. sent a team to Venezuela this week to assess what it would take to start producing oil there again, just weeks after President Donald Trump called for more investment in the South American country.

Venezuela’s resources are well known, but the challenge is on the above-ground conditions needed to justify large-scale investments, Upstream President Dan Ammann said at the CERAWeek by S&P Global conference in Houston on Wednesday.

Building Venezuela’s oil production back up to 3 million barrels a day, a threefold increase from current levels, would require “probably hundreds of millions of dollars of investment ...