ExxonMobil is negotiating production rights for up to six oil fields in Venezuela. The New York Times first reported the potential deal.
This move marks a historic reversal nearly 20 years after the 2007 nationalization of Exxon’s assets. CEO Darren Woods previously labeled the nation uninvestable in January.
Recent political changes in Venezuela prompted the negotiations. U.S. majors now seek to access the country’s massive oil reserves amid global supply constraints.
The deal follows rival Chevron’s existing operations in the region. This expansion could reshape long-term production portfolios for top VDE holdings.