Exxon Advances Talks to Return to Venezuela’s Orinoco Belt, Sources Say
The company has sent technical teams this year as it weighs a comeback after rivals signed new deals and output talks advanced.
- On Wednesday, ExxonMobil began negotiations to return to Venezuela, focusing on the Petromonagas heavy oil project in the Orinoco Belt and areas within the neighboring Carabobo block.
- President Donald Trump urged US companies to invest in Venezuela following the capture of Nicolas Maduro, aiming to limit access for "adversaries" like China and Russia, reversing Exxon's nearly two-decade absence.
- CEO Darren Woods said work in Canada "positions us uniquely in terms of low-cost production of the Venezuela resource," while Exxon has sent technical teams this year to evaluate oilfields.
- Russian energy firm Roszarubezhneft holds a 40% stake in Petromonagas, transferred from Rosneft in 2020, though it remains unclear how this Russian involvement might affect potential negotiations.
- ConocoPhillips, the third-largest US oil producer, refuses to negotiate until Venezuela pays $11 billion owed from previous expropriations, which arbitration courts have ruled "unlawful.
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Exxon advances talks to return to Venezuela's Orinoco Belt, sources say
ExxonMobil analyzes returning to the Orinoco Strip almost two decades after its departure, but the company demands guarantees to protect its contracts and capital. The eventual return occurs while Chevron, Eni and Continental Resources advance with preliminary agreements that still do not amount to new barrels in the market.
Venezuela and ExxonMobil Holdings Corp. held talks this week before their possible return to the country. In the meantime, assess whether to follow in the footsteps of their US rivals and re-operate in the nation with the world’s largest reserves of crude oil. Read more
Editorial (ALN).- Executives of the U.S. oil company ExxonMobil traveled this week to Caracas to advance talks aimed at assessing their possible return to Venezuela's energy industry, according to sources linked to the negotiations. The discussions, which have been held for several months, are focused on the development of production projects in Venezuela. [...] The entry ExxonMobil evaluates their return to Venezuela with projects in the Orinoc…
U.S. oil company ExxonMobil has talks with Venezuelan authorities to assess their eventual return to the country and access to four oil fields, according to information published by Bloomberg. According to people familiar with the negotiations, several of the oil ...
News of the Day and the Hour Latest News of the day This week representatives of the American energy company ExxonMobil Holdings Corp. held talks with the government of Venezuela about their possible return to the country.The oil giant...The news ExxonMobil negotiates his return to Venezuela and access to four oil fields was first published in News of the Day and the Hour Latest News of the day
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