What are the main conditions Exxon and ConocoPhillips are demanding before returning to Venezuela?

Exxon and ConocoPhillips are seeking durable contract terms, mechanisms to recover billions of dollars owed to them, stability clauses preventing unilateral contract changes by future governments, and the right to resolve disputes through international arbitration rather than local courts.

Why is Venezuela eager to bring back Exxon and ConocoPhillips despite Chevron already operating there?

Bringing back Exxon and ConocoPhillips would signal a clear move toward economic stability for Venezuela and open a path to attract more investors, whereas Chevron remained in the country through nationalizations and sanctions and is now positioned to quickly grow production without needing new entry negotiations.

Exxon, ConocoPhillips Seek Safeguards to Return to Venezuela

May 26, 2026

Exxon Mobil and ConocoPhillips are negotiating with Venezuela's government to re-enter the country's oil sector, seeking contract safeguards and debt resolution amidst geopolitical shifts and high crude prices.

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