Exxon Mobil (XOM) in Talks to Re-Enter Venezuela After Nearly Two Decades
Exxon Mobil Corporation (NYSE:XOM) is included among the 12 Best LNG Stocks to Buy in 2026.
Exxon Mobil Corporation (NYSE:XOM) is one of the largest integrated fuels, lubricants, and chemical companies in the world.
A New York Times report on May 21 revealed that Exxon Mobil Corporation (NYSE:XOM) is in talks to acquire rights to produce oil in Venezuela nearly two decades after it was effectively expelled from the country. The deal, which could be finalized and announced as soon as this month, would mark a major victory for President Trump, who has been pushing American oil majors to invest in the South American country’s dilapidated infrastructure.
According to the report, Exxon is looking to sign contracts to produce oil in up to six fields in several regions in Venezuela. The move comes after the company’s CEO, Darren Woods, called the country “uninvestable” without durable protections for new investment.
Exxon Mobil Corporation (NYSE:XOM) left Venezuela in 2007 when the country’s government under Hugo Chavez nationalized oil projects owned by foreign companies. In fact, Venezuela’s government still owes Exxon around $1 billion in damages awarded in the legal battles that followed.
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