Exxon may acquire rights to produce oil in Venezuela, New York Times reports
The talks could restore Exxon’s access to up to six fields as the Trump administration pushes U.S. majors to invest $100 billion in Venezuela.
- On Thursday, The New York Times reported that Exxon Mobil is in advanced talks to acquire rights to produce oil in up to six Venezuelan fields, marking a potential return nearly two decades after the company's assets were nationalized.
- Competitive pressure from Chevron, which expanded its Petroindependencia stake to 49 percent in April, combined with January 29 petroleum-law reforms allowing direct revenue collection, prompted Exxon to reconsider Venezuela's previously 'uninvestable' status.
- Following the 2007 nationalization of its assets, Exxon has pursued more than $13 billion in arbitration claims jointly with ConocoPhillips, creating a lingering legal overhang for any potential new agreement.
- While an announcement could come this month, industry analysts suggest the realistic window for actual contract signatures is the third quarter of 2026, as Exxon completes due diligence on field engineering and reserves.
- This potential agreement signals institutional credibility for Venezuela, which holds approximately 303 billion barrels of proven oil reserves, potentially opening the door for other majors like ConocoPhillips, Repsol, Eni, and Shell.
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ExxonMobil Set to Return to Venezuela After 19-Year Standoff
Venezuela · Oil & Gas Key Facts —Report: ExxonMobil is in advanced talks to acquire oil-production rights in Venezuela covering up to six Exxon Venezuela oil fields across multiple regions of the country, the New York Times reported Thursday citing sources familiar with the negotiations, with a formal announcement possible before the end of May. […] The post ExxonMobil Set to Return to Venezuela After 19-Year Standoff appeared first on The Rio T…
Exxon Mobil, the largest energy company in the United States, is in advanced negotiations to acquire oil production rights in Venezuela. The corporation returns to the country almost two decades after being effectively expelled by the socialist regime. The strategic movement represents a significant triumph for the administration of Donald Trump, which has promoted the opening of the vast wealth of Venezuelan natural resources to the investment …
American oil company Exxon Mobil negotiates its return to Venezuela almost two decades after leaving the country in the midst of conflicts with the Venezuelan government, reported The New York Times (NYT), according to people familiar with the talks.
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