Exxon to Re-Enter Venezuela Amid Historic Oil Deal

US President Donald Trump announced that ExxonMobil will re-enter Venezuela after nearly two decades of absence. The oil major operates the prolific Stabroek Block in next-door Guyana, producing over 900,000 barrels of oil per day.

Trump stated that Exxon is among a group of companies planning to do business in Venezuela, along with Chevron and other US oil majors. He noted that these companies are 'bidding' on projects in the country.

The US is expected to sign a deal granting it access to a fifth of Venezuela's crude reserves later this week in Caracas. The agreement will involve North American Blue Energy Partners (NABEP), a US company, taking over some oilfields previously controlled by Chinese and Russian firms.