CompaniesVenezuela

ExxonMobil moves to return to Venezuela oil talks

ExxonMobil has signed a memorandum of understanding and reached a preliminary deal to explore oil opportunities in Venezuela. The company had earlier called the country uninvestable, a step that shows a change in its view.

Illustration: A lone oil derrick silhouetted against a huge vermilion sun over flat tropical lowlands, with a closed gate standing open in the foreground.
Illustration

ExxonMobil has taken a step toward returning to Venezuela. The company signed a memorandum of understanding, an early document that sets out shared intentions, and reached a preliminary deal to explore oil opportunities in the country.

The talks cover one or more oil fields. Months earlier, Chief Executive Officer Darren Woods had said Venezuela was uninvestable, pointing to the condition of the country at that time.

Illustration: Seen from above, a wide oil field at dusk with small pumpjacks scattered across dry ground and a dirt road winding between them toward a distant pipeline.
Illustration

For households and savers, the move is a sign of how an oil major weighs political and operating conditions before it commits money. The material does not set out the size of any investment or a timetable for the talks.

ExxonMobil Holdings$164.47down −4.46%over 1 month
$187.25$164.4712 Oct10 Nov

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Who is who

  • Darren WoodsChief Executive Officer, ExxonMobil

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