ExxonMobil Nears Return to Venezuela

Reports indicate that the American company ExxonMobil is close to signing a memorandum of understanding with the Venezuelan state oil company to invest in oil fields, potentially marking its return to Venezuela after nearly two decades of withdrawal. The negotiations include discussions about investing in fields that collectively contain approximately 50 billion barrels of oil, with particular interest in regaining control over two giant fields in the Orinoco belt, which were nationalized at the beginning of the millennium. This move comes after ExxonMobil teams negotiated with Caracas, alongside similar investments from other companies to support the Venezuelan oil sector, with prior compensation paid through asset nationalizations. A return by ExxonMobil is seen as a significant strategic option amid the Trump administration’s efforts to boost investment in Venezuelan oil, which possesses the largest proven oil reserves in the world, estimated at around 300 billion barrels.

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