Exxon Returns to Venezuela Amid US Oil Push
US President Donald Trump announced on Monday that ExxonMobil, the largest US oil major, is planning to do business in Venezuela. This marks a stunning reversal for the company, which exited the country nearly two decades ago following the nationalization of its assets.
The news comes as the US pushes to kick-start oil production in the country after the removal of former President Nicolas Maduro from power in January. Trump stated that Exxon, along with other major oil companies, is bidding on opportunities in Venezuela and that the US is making a fortune from the deal.
The company had previously sent a technical team to study opportunities in the country but has been tight-lipped about any plans since. The Venezuelan and American officials are expected to sign a deal this week in Caracas that would grant the US access to a fifth of Venezuela's crude reserves.