Overview
- ExxonMobil and state oil company PDVSA signed a preliminary, non‑binding memorandum that gives the company exclusive time to evaluate possible upstream opportunities in Venezuela.
- The agreement was signed in a ceremony presided over by acting president Delcy Rodríguez and does not commit Exxon to invest or transfer capital.
- Exxon says any return would require stable policy, clear regulations, stronger investor protections and commercially competitive returns before it would commit to projects.
- The company’s move follows Venezuela’s 2026 hydrocarbon reforms and U.S. encouragement for American investment, but past expropriations and ongoing arbitration over seized assets remain unresolved.
- Analysts note Exxon also has strategic reasons to improve relations with Caracas because of its large operations in neighboring Guyana and an unresolved maritime dispute that could affect its projects there.