US Secretary of State Marco A. Rubio appeared before the Senate Foreign Relations Committee on US policy towards Venezuela on January 28, 2026. Photo: Oil Now

On July 31, 2023, the Deputy Premier and Minister for Financial Services, Labour and Trade Hon Lorna G. Smith (AL), OBE, centre, along with Ms Petrona N. Davies (left), Permanent Secretary in the Ministry for Financial Services, Labour and Trade; and Dr Karl Dawson (R1), Junior Minister for Agriculture and Fisheries met with Guyana's Foreign Secretary Robert M. Persaud, right, at the Ministry of Foreign Affairs. Photo: Facebook

US Secretary of State Marco A. Rubio has told US lawmakers that Guyana offers a more reliable investment environment than Venezuela, warning that energy companies will place their money where legal protections and contract enforcement are clear. Photo: Internet Source

Rubio made the comments during testimony before the Senate Foreign Relations Committee on January 28, 2026, responding to questions from Republican Senator David McCormick on the Trump administration’s policy toward Venezuela and prospects for foreign investment.

He said Venezuela’s oil reserves alone are not enough to attract capital if investors lack confidence in the rule of law. “Companies are only going to invest somewhere if they know we’re going to invest, we’re going to make our money back with a profit, and our land isn’t going to be taken from us,” he said. 

Rubio contrasted that in Guyana, Venezuela’s neighbour, investors already see clearer rules and enforceable contracts. “If not, they’ll just invest the money in Guyana, or they’ll just invest the money in some other part of the world that has oil. They’re not going to risk it,” he said. 

Rubio noted that access to courts and the ability to enforce contracts are essential to investor confidence. “That’s the level of certainty that we’re talking in terms of security,” he added.

In Guyana, US oil major ExxonMobil operates the Stabroek Block, where it has led oil development since its first discovery in 2015. Production began in December 2019 and has since expanded to multiple floating production, storage and offloading vessels, making Guyana one of the fastest-growing oil producers globally. 

VI made trade mission to Guyana in 2023

It was in mid-2023, that the Virgin Islands sent a delegation to Guyana on a trade mission.

The mission was led by Junior Minister for Trade and Economic Development Hon Lorna G. Smith, OBE (AL), who was the Deputy Premier and Minister for Financial Services, Trade and Labour at the time.

Hon Smith had described the visit as a successful one, adding that new opportunities for VI businesses were identified. She said the delegation also “examined how Guyana is moving towards a low carbon economy, which will assist us in our own journey, established links to benefit our own economy, and especially our agricultural sector, and reinforced our relationship with one of the leading and largest members of CARICOM.

“Given these opportunities and the enthusiasm with which we were received, I believe that we will be looking at how best to establish a more permanent presence in Guyana that would be mutually beneficial,” Hon Smith had stated during a press conference on August 15, 2023.

Following the trade mission to Guyana, the Virgin Islands lifted its visitor visa restrictions on the South American country.