ExxonMobil Eyes Massive Venezuela Oil Deal
ExxonMobil (XOM) is close to signing a memorandum of understanding with Venezuela's PDVSA, marking its potential return to the country after almost two decades. The agreement would allow Exxon to evaluate investment opportunities in various oil fields, including those with estimated reserves of around 50 billion barrels.
The company aims to regain control over Petrovictoria and Petromonagas, two Orinoco Belt properties it previously owned but was nationalized by the Venezuelan government during Hugo Chávez's presidency. Exxon also seeks to develop other sites in the Carabobo area.
Other US energy companies, such as Chevron, have already secured deals with Venezuela, including a $7 billion investment agreement committing to expand production to 600,000 barrels daily. Continental Resources has also finalized a preliminary framework for an unexplored field in Anzoátegui state.
The negotiation process is ongoing, and it's unclear if Exxon will be able to reach a final agreement before the end of September or if the talks will dissolve without resolution.