Exxon advances talks to return to Venezuela's Orinoco Belt, sources say

Following failed negotiations earlier this year with PDVSA for other areas on offer, Exxon is now considering a return to Petromonagas, formerly called Cerro Negro. The field was previously the company's main project in the nation and remains one of the few with an operational upgrader capable of turning the Orinoco's extra heavy crude into lighter exportable grades.

Following Exxon's exit from Venezuela in 2007, Russian energy powerhouse Rosneft acquired a 40% stake in Petromonagas that in 2020 was transferred to Roszarubezhneft, a state firm that took over Russian assets overseas to shield them from US sanctions. It is still unknown how Russia's ownership could affect any deal.

The Venezuelan and Russian governments have said this year that Russia remains the holder of a stake in Petromonagas and other large oil projects it shares with state company PDVSA.

"We have agreements with China and Russia involving joint ventures that hold valid authorizations to carry out primary activities. We fully respect those agreements, and—regarding the joint ventures in which they hold a stake—they will continue to carry out their operations," Venezuelan oil minister Paula Henao said earlier this month in a TV interview.