Exxon Mobil Negotiates Return to Six Venezuelan Oil Fields After 20 Years
XOM•Exxon Mobil is negotiating contracts to restore oil production in as many as six Venezuelan fields within weeks, nearly two decades after its mid-2000s exit. Completing these deals would resolve a long-running legal dispute, granting Exxon access to some of the world’s largest petroleum reserves and boosting its upstream capacity.
1. Negotiation Revival
Exxon Mobil has resumed high-level talks with Venezuelan authorities and state oil company representatives to regain access to oil operations, nearly two decades after it was forced to exit the country. Negotiations are reportedly advancing toward a framework agreement that could be finalized within weeks.
2. Scope of Contracts
The proposed deals would cover contracts for up to six oil fields across multiple Venezuelan regions, potentially restoring tens of thousands of barrels per day to Exxon’s upstream portfolio and diversifying its global production base.
3. Political Context
Changes in U.S. policy under the current administration have reopened Venezuela’s energy sector to American firms, turning a strategic page in bilateral relations and offering Exxon a significant political achievement alongside commercial gains.
4. Legal Resolution and Reservoirs
Finalizing these agreements would end a protracted legal battle between Exxon and Venezuela’s government, removing major litigation over expropriation claims and unlocking some of the world’s largest known petroleum reserves for Exxon’s development.
