Talks could finalize within weeks, covering six fields and resolving a long-standing legal dispute with Venezuela’s government.
Exxon Mobil is in advanced negotiations to resume oil production in Venezuela, nearly two decades after its exit. The potential agreement, expected within weeks, would involve contracts for up to six oil fields across the country, according to sources familiar with the matter.
The company had previously labeled Venezuela as uninvestable as recently as January. A deal would mark a reversal for Exxon, which was forced out during the Socialist government’s nationalization push and later became a central adversary in legal battles.
The development aligns with U.S. efforts to reopen Venezuelan energy resources to American corporations. A completed agreement would also deliver a political victory for the Trump administration, which has sought to reshape the country’s commercial ties.