XOM · News · 20260916N

Venezuela Re-entry Negotiations

ExxonMobil Holdings Corp · 2026-09-16 · Importance 34 · Surprise 42

ExxonMobil is negotiating a potential return to Venezuela 19 years after leaving the country. Discussions reportedly involve investment in Venezuela’s oil fields, including the Petromonagas heavy-oil project in the Orinoco Belt and areas in the neighboring Carabobo block. Any transaction would expose ExxonMobil to Venezuelan operating, political, sanctions, and investment conditions. The reports describe the discussions as preliminary and do not disclose a transaction value or closing timeframe.

Key facts

• ExxonMobil is nearing a preliminary deal to invest in Venezuela's oil fields, potentially returning 19 years after its exit. source
• ExxonMobil is negotiating to return to Venezuela and has shown interest in the large Petromonagas heavy oil project in the Orinoco Belt. source
• ExxonMobil has shown interest in areas in the Carabobo block in connection with talks to return to Venezuela. source