Overview
- Reuters and other outlets reported on Sept. 16 that ExxonMobil has moved into active negotiations and sent technical teams to evaluate Petromonagas (Cerro Negro) and areas in the Carabobo block.
- No binding agreement has been announced and any step toward a memorandum of understanding would be preliminary, while rivals such as Chevron and Continental Resources have already struck deals or MoUs.
- ConocoPhillips is refusing to reenter Venezuela until it secures roughly $11 billion it says is owed from the 2007 nationalizations, showing how past arbitration and compensation fights still shape who will invest.
- Production gains would be limited in the near term because Petromonagas’ upgrader and other midstream facilities need extensive maintenance and repairs to turn extra‑heavy crude into exportable grades.
- Russia holds stakes in key joint ventures through Rosneft and Roszarubezhneft and Venezuela’s oil minister has pledged to respect those agreements, creating geopolitical and ownership hurdles for any U.S. return.