Exxon and ConocoPhillips Weigh Return to Venezuela Oil Market

Exxon and ConocoPhillips are considering re-entering Venezuela's oil market after exiting two decades ago. The companies are in negotiations with President Delcy Rodríguez's government over durable contract terms and a way to resolve billions of dollars owed to them.

The US government is also pushing for Exxon and ConocoPhillips to return, seeing it as an opportunity to reduce Russian, Chinese, and Iranian influence in Venezuela. Recent changes to Venezuela's oil law were designed to attract foreign investment, but the companies are wary of what may happen if the political situation changes.

ConocoPhillips CEO Ryan Lance said that until they get relief on the debt owed to them, investing more money in Venezuela would be difficult. Exxon has been studying how to apply its expertise in Canadian heavy oil to Venezuela's crude.