ExxonMobil has taken a tentative step toward returning to Venezuela nearly two decades after the socialist government seized its assets, signing a memorandum of understanding with state oil company PDVSA. The agreement, overseen by acting President Delcy RodrĂguez, explores “potential upstream opportunities” but comes with clear conditions from the Texas-based energy giant.
A Cautious Comeback
“This memorandum is a meaningful first step, but any future investment would require stable policies, clear regulations, strong investment protections and competitive returns,” ExxonMobil said in a statement reported by Bloomberg. The company was among the hardest hit by Hugo Chávez’s sweeping nationalizations in the 2000s, losing billions in assets when it was expelled in 2007 alongside ConocoPhillips.
Venezuela’s Investment Pitch
Acting President RodrĂguez framed the agreement as mutually beneficial, claiming Venezuela now offers “solid legal security framework” for foreign investors. Hydrocarbons Minister Paula Henao emphasized ExxonMobil’s potential to help boost production in the oil-rich Orinoco Belt, where the company previously held major stakes before expropriation. Venezuela has recently rolled back some socialist-era restrictions in an attempt to attract foreign capital after years of economic collapse.
Unresolved Compensation Claims
The deal comes despite outstanding billions Venezuela reportedly still owes to ExxonMobil and other companies for seized assets. The Trump administration has pushed for Venezuela’s oil industry revival since the arrest of Nicolás Maduro earlier this year, though any full ExxonMobil return would hinge on further legal and financial guarantees.
Source: www.breitbart.com — https://www.breitbart.com/economy/2026/11/10/exxonmobil-signs-preliminary-agreement-toward-return-to-venezuela/