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.
—Historical context: Exxon exited Venezuela in 2007 after Hugo Chávez nationalized its assets and has since pursued more than $13 billion in arbitration claims jointly with ConocoPhillips, the two large United States majors that left Caracas during the same expropriation wave that Chevron’s negotiated stay survived.
—What changed: Chief Executive Darren Woods told President Trump at a January 9 White House meeting that re-entering Venezuela would “require some pretty significant changes” given that the company’s assets had been seized twice; the company called the country “uninvestable” the same month.
