Chevron speeds ahead in Venezuela while Exxon urges caution with a ‘little pinch of salt’

While Chevron is investing $7 billion in Venezuela to double its oil output within five years, ExxonMobil CEO Darren Woods again urged “caution” and said a lot of reforms are still required before any major entry into the country is decided. Following reports a month ago that Exxon was close to inking a memorandum of understanding to explore investing in Venezuela oilfields, Woods warned against over “exuberance” and said to take such reports with a “little pinch of salt.” But he said he does believe Exxon “ultimately will have a role” in due time.

Source: Fortune Crypto