Exxon CEO: We are ready to assess reentering Venezuela and will send a team within a few weeks.

Exxon Mobil CEO Darren Woods stated?on Friday that the U.S. 'oil major could start from the ground up in Venezuela, and was prepared to evaluate the possibility of returning to the country.

Woods stated that it was "absolutely critical" to have a technical team in place for the purpose of assessing the state of 'the industry.

He added that a team could be on the ground in a matter of weeks.

The remarks?were?made during a meeting at the White House with U.S. president Donald Trump and other oil executives, to discuss the future oil industry of the OPEC country. U.S. forces captured the South 'American country's Nicolas Maduro during a brazen raid overnight on its capital,?January 3rd.

Exxon's history in Venezuela was storied?before its properties were expropriated by former Venezuelan president Hugo Chavez. Woods stated that the existing legal frameworks in Venezuela make it unsuitable for investment at this time and that Exxon needs durable investment protections and laws to be changed. Reporting by Bo Erickson and Sheila Dang, with editing by Franklin Paul and Niall Williams.

(source: Reuters)