Commodities
ExxonMobil Set to Re-Enter Venezuelan Oil Market After Nearly Two Decades
U.S. President Donald Trump announced on Monday that ExxonMobil, one of the largest oil majors in the US, is planning to re-enter Venezuela's oil market after nearly two decades of absence.
The move follows a deal between Caracas and Washington, which grants the U.S. access to a fifth of Venezuela's crude reserves.
Trump mentioned that ExxonMobil will be among several companies, including Chevron and GE Vernova, planning to invest in Venezuela.
North American Blue Energy Partners (NABEP), previously owned by US oil tycoon Harry Sargeant, has been chosen as the partner for the deal. The company will take over some oilfields previously controlled by Chinese and Russian firms.