What is Exxon Mobil reportedly negotiating with Venezuela, and how does this mark a reversal from its 2007 exit?

Exxon Mobil is in talks to acquire rights to produce oil in up to six fields across several regions in Venezuela — nearly two decades after it was effectively expelled from the country in 2007 when its assets were expropriated. This potential deal represents a major strategic reversal, as the company had exited Venezuela following nationalization and has not operated there since.

What recent political development enabled renewed U.S. oil investment in Venezuela, and what did President Trump call for?

The New York Times report states that U.S. President Donald Trump urged oil firms to invest $100 billion in Venezuela and rebuild the energy sector after U.S. forces captured and removed Venezuelan President Nicolás Maduro from office in January — a pivotal political shift cited as enabling renewed U.S. corporate engagement. Trump’s directive directly preceded Exxon’s reported negotiations.

Exxon May Acquire Rights to Produce Oil in Venezuela, New York Times Reports

May 21, 2026

Exxon Mobil is reportedly in talks to acquire oil production rights in Venezuela across up to six fields, nearly two decades after exiting the country. The potential deal follows recent geopolitical shifts and calls for renewed investment in the energy sector.

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Exxon May Acquire Rights to Produce Oil in Venezuela, New York Times Reports

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