Nearly two decades after being pushed out, Exxon Mobil is now pursuing negotiations that could restore its oil production presence in Venezuela, The New York Times reported.
Sources who spoke to The Times on condition of anonymity said the agreement, potentially coming together within weeks, could cover contracts for as many as six Venezuelan oil fields spanning multiple parts of the country.
The turnaround is notable given that Exxon characterized Venezuela as "uninvestable" only this past January, The Times noted. An Exxon spokesman declined to comment, and Venezuela's government and state oil company did not respond to requests for comment.
For President Donald Trump, who has opened Venezuela's energy resources to U.S. corporate interests, a completed deal would mark a substantial political win, according to The Times. Trump, who orchestrated Maduro's removal from leadership, subsequently placed the former Venezuelan vice president in charge of steering the country's commercial ties with the U.S.
Completing the agreement would also close out a prolonged legal conflict that had positioned Exxon as a principal enemy of Venezuela's Socialist government, The Times reported. Venezuela's petroleum reserves rank among the most substantial on the planet.
