Business · Companies · 6 hrs ago
ExxonMobil signs preliminary agreement to explore oil opportunities in Venezuela
ExxonMobil has signed a preliminary, non-binding agreement with Venezuela’s state oil company PDVSA to assess possible oil exploration and production opportunities.
The discussions could bring the US oil company back to Venezuela, nearly two decades after it left when the government took over its assets.
Exxon has not said which projects or oil areas it is considering.
The company says stable policies, clear regulations and strong investment protections would be needed before it invests.
Venezuela recently changed its oil law to allow new participants, and Exxon’s chief executive has said conditions have improved.
The agreement itself does not authorize oil production; a final contract would be needed for Exxon to take part in exploration or production.
Exxon says it is moving step by step and has no immediate timetable for committing to a project.
ExxonMobil signed a nonbinding memorandum of understanding with Venezuela’s state oil company PDVSA to explore potential oil-sector opportunities.
The agreement is an initial step and does not commit Exxon to invest or operate in the country.
Exxon said any future investment would require stable policies, clear regulations, strong investment protections and competitive returns.
The company did not disclose which projects or oil areas it is evaluating.
Exxon left Venezuela nearly two decades ago after its assets were expropriated.
- Who
- ExxonMobil and Venezuela’s state oil company PDVSA.
- What
- They signed a nonbinding memorandum to explore potential opportunities in oil exploration and production.
- When
- Monday, according to ExxonMobil. The articles were published on November 10, 2026.
- Where
- Venezuela.
- Why
- To assess potential opportunities in the country’s oil sector. Exxon said any investment would depend on stable policies, clear regulations, investment protections and competitive returns.
This story does not have two clearly opposing sides.
Exxon affiliates filed for arbitration against Venezuela over expropriated assets.
The International Centre for Settlement of Investment Disputes awarded ExxonMobil $1.6 billion, plus interest accrued since 2007.
After U.S. forces captured and removed Nicolás Maduro from power, Darren Woods called Venezuela an unfit destination for investment.
A petroleum law reform promoted by acting President Delcy Rodríguez allowed new participants into the country’s energy sector.
ExxonMobil said it signed a nonbinding memorandum of understanding with PDVSA to explore potential oil-sector opportunities.
- Agreement
- Nonbinding memorandum of understanding between ExxonMobil and PDVSA
- Potential activity
- Oil exploration and production
- Exxon’s former project
- Cerro Negro, now called Petromonagas
- Former stake
- 41.67% in Cerro Negro
- Arbitration award
- $1.6 billion, plus interest accrued since 2007
- Published
- November 10, 2026
4 sources
What people are saying
This memorandum constitutes a significant first step; however, any future investment would require stable policies, clear regulations, strong investment protections and competitive returns
uninvestable
Before committing, we will ensure those conditions are in place and that we are confident we have a viable and sustainable project capable of generating the returns needed to compete within our investment portfolio
I expect this to take time; therefore, we are moving step by step. We are in no rush