XOM · News · 20260917N

Venezuela Re-entry Considerations

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

ExxonMobil is reportedly negotiating with Venezuela’s state oil company, Petróleos de Venezuela, to re-enter heavy-crude fields in the Orinoco Belt and pursue new acreage in Carabobo. The discussions could restore ExxonMobil’s control of assets nationalized in the mid-2000s after nearly two decades outside the country. Chevron and Continental Resources are also pursuing Venezuelan opportunities, while prior nationalizations and investment risks remain obstacles.