XOM · News · 20260917N

Venezuela Re-entry Negotiations

ExxonMobil Holdings Corp · 2026-09-17 · Importance 43 · Surprise 42 · In source text

ExxonMobil is negotiating with Venezuela’s state-run Petróleos de Venezuela to explore investments in several oil fields, including heavy-crude projects in the Orinoco Belt and acreage in Carabobo. The potential deal would mark ExxonMobil’s return to Venezuelan operations after nearly two decades and could restore access to fields nationalized in the mid-2000s. Discussions remain preliminary, with nationalization history, policy uncertainty and investment risks potentially affecting the transaction’s timing and economics.

Key facts

• ExxonMobil is in talks with the Venezuelan government about re-entering the country's oil fields. source
• ExxonMobil is specifically targeting heavy-crude projects in the Orinoco Belt and new acreage in Carabobo as part of its talks to re-enter Venezuela. source
• Exxon Mobil is reportedly close to signing a preliminary deal with Venezuela's state-run oil company, Petróleos de Venezuela, to explore investments in several oil fields. source
• The negotiations to re-enter Venezuela's oil fields have been ongoing for months and aim for ExxonMobil to regain control of fields nationalized in the mid-2000s. source

Impact estimates