ExxonMobil inks preliminary deal to return to Venezuela after calling the country ‘uninvestable’

ExxonMobil has signed a preliminary agreement with Venezuela’s state oil company to explore possible oil production, opening a path towards returning after leaving in 2007. The move follows political and legal changes that may make renewed investment possible, though Exxon says it will need stable policies, clear rules and strong protections before committing funds.

Venezuela’s new oil laws give private companies majority control of operations, while state-run Petróleos de Venezuela holds the minority. The country has the world’s largest oil reserves, and US crude imports from Venezuela reached their highest level since 2017 in July. Exxon previously called the country “uninvestable” after its assets were seized twice; chief executive Darren Woods says the company is not in a rush and any project must be cost-competitive.