Houston, May 22, 2026 — U.S. energy giant ExxonMobil is negotiating rights to develop multiple oil fields in Venezuela’s Orinoco Belt, marking a potential landmark return to the country nearly two decades after its assets were nationalized.
The discussions come amid a broader push by the Trump administration to revive Venezuela’s crumbling oil industry following the U.S.-backed ouster of longtime leader Nicolás Maduro in January 2026. Acting Venezuelan President Delcy Rodríguez has been engaging with foreign energy firms as the country seeks to rebuild its economy through eased sanctions and new investment frameworks.
ExxonMobil, which was forced to exit Venezuela in 2007 after Hugo Chávez’s government seized its projects, has outstanding arbitration claims worth around $1.6 billion against the Venezuelan state. Company executives initially expressed deep caution. In a January White House meeting with President Trump and other oil leaders, CEO Darren Woods described Venezuela as “uninvestable” under existing conditions, citing the need for major legal reforms, durable investment protections, and changes to hydrocarbon laws.
Despite early tensions — including Trump publicly criticizing Exxon’s stance and suggesting the company might be sidelined — ExxonMobil has pressed forward with technical assessments. By March 2026, the company confirmed plans to send evaluation teams to inspect infrastructure and opportunities, leveraging its expertise in heavy oil production developed in projects like those in Canada.
In recent quarterly updates, Woods highlighted Venezuela’s “huge resource” potential while emphasizing that attractive returns would depend on the right commercial context. The company is reportedly eyeing up to six fields as part of efforts to help restore production in one of the world’s largest proven oil reserves.
High Stakes and Challenges
Venezuela’s oil sector has suffered from years of underinvestment, mismanagement, and infrastructure decay, with production plummeting from over 3 million barrels per day in the late 1990s to a fraction of that today. Reviving it would require tens of billions in capital across the industry.
Rivals such as Chevron have already expanded operations under new licenses, while others like ConocoPhillips are also exploring returns. ExxonMobil’s technological edge in heavy crude could give it a competitive advantage, but analysts caution about persistent risks including political instability, security concerns, and high restart costs.
Shares of ExxonMobil (XOM) have seen volatility tied to Venezuela headlines, though the company’s strong balance sheet, record production in Guyana, and LNG advancements have supported overall performance. In its first-quarter 2026 results, Exxon reported solid earnings amid a challenging energy market.
Broader Context
The potential ExxonMobil return aligns with Trump’s goal of securing significant U.S. investment in Venezuela to boost global oil supply and counter influences from countries like China and Russia. Industry observers see this as a test case for whether post-Maduro Venezuela can create a stable environment attractive to major Western capital.
ExxonMobil has not yet announced a final investment decision. A company spokesperson reiterated that any re-entry would require “the right investment terms” and appropriate safeguards.
This story is developing. Updates will follow as negotiations progress.
