ExxonMobil signs preliminary deal to return to Venezuela after 18 years

ExxonMobil signed a memorandum of understanding with Venezuela on Monday, November 9, 2026, for potential exploration and production projects in the country. The agreement represents a preliminary step toward the company's return to Venezuela's oil and gas sector after nearly two decades of absence.

Dan Ammann, president of ExxonMobil Upstream, highlighted the importance of the approach during an event held in Caracas. He stated that cooperation between both parties could generate economic benefits and leverage Venezuela's energy potential.

Venezuela left ExxonMobil out of its oil industry in 2007 following a nationalization process led by then-president Hugo Chávez. The company has been absent from Venezuelan oil operations for almost twenty years.

Earlier this year, after the US military operation that deposed Nicolás Maduro, Venezuela changed course in its oil policy. Interim President Delcy Rodríguez promoted a legal reform allowing 100 percent private capital in the hydrocarbon sector.

The preliminary agreement covers the possibility of ExxonMobil operating various oil fields containing billions of barrels in reserves. Financial terms, potential investment areas, and specific projects have not been disclosed.

Delcy Rodríguez said in a televised broadcast that today is a very important signature and reflects months of negotiations for ExxonMobil's effective return to hydrocarbon operations. She added that investments should occur under very favorable conditions within a legal security framework.

Dan Ammann stated that ExxonMobil's unique capabilities combined with Venezuela's extraordinary resources and long trajectory in oil and gas production would bring significant benefits to all parties involved, including the people of Venezuela.