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ExxonMobil Nears Return to Venezuela Oil Sector After 19-Year Hiatus
Energy Minerals · Integrated Oil · yonhap_finance · 2026-09-17
ExxonMobil is reportedly close to signing an MOU with Venezuela's state oil firm PDVSA, marking a potential return to the country after a 2007 exit.
What Happened
Strategic Return: ExxonMobil is on the verge of signing a Memorandum of Understanding (MOU) with Venezuela's state-owned oil company, PDVSA, to invest in oil field development. This move would mark the company's return to the Venezuelan market for the first time since its withdrawal during the 2007 nationalization of the oil industry.
Scope of Investment: The potential deal covers oil fields containing over 50 billion barrels of crude. Negotiations have been ongoing throughout the year, with further discussions expected to take place during the G20 energy ministers' meeting in Houston this week.
Shifting Policy Landscape: Following recent political changes in Venezuela, the U.S. government has been encouraging domestic energy firms to invest in the region to bolster Western Hemisphere energy security. Other major players like Chevron and Continental Resources have already secured local investment agreements to ramp up production.
Lingering Risks: Despite the renewed interest, significant challenges remain, including ongoing litigation regarding losses from the 2007 nationalization. Many energy companies remain cautious about committing capital due to the country's historically volatile political and economic climate.
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