Exxon negotiating deal to pump oil in Venezuela after standoff with leaders
Exxon Mobil is in negotiations to resume oil production in Venezuela after nearly two decades of absence due to nationalization under Hugo Chavez. The potential deal comes as the U.S. government, under President Trump, seeks to reopen Venezuela's economy following the ousting of Nicolas Maduro. Exxon CEO Darren Woods has expressed optimism about the investment opportunities in Venezuela's oil sector, despite previous hesitations.
- ▪Exxon Mobil was forced to leave Venezuela in 2007 after the nationalization of foreign oil projects.
- ▪The company is now negotiating a deal to produce oil in Venezuela, which has some of the world's largest oil reserves.
- ▪Acting Venezuelan President Delcy Rodriguez is pushing for the deal to reverse past hostilities with U.S. energy companies.
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Exxon Mobil is negotiating a deal to produce oil in Venezuela nearly two decades after the company was forced to leave the South American country due to its socialist leadership. In 2007, Exxon exited the nation after former Venezuelan President Hugo Chavez nationalized foreign-owned oil projects. The country has one of the world’s largest oil reserves, a key reason why President Donald Trump has prioritized its economic reopening since ousting former Venezuelan dictator Nicolas Maduro in January.
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