Full Breakdown
ExxonMobil Negotiates Return to Venezuela’s Oil Fields Amid Trump-Era Policy Shift
By Drooid · · How we work
Core Development
ExxonMobil is negotiating rights to four heavy-oil fields in Venezuela’s Orinoco Belt, including Petrovictoria and Petromonagas. The talks follow a preliminary deal by Harold Hamm’s Continental Resources to develop 126,000 acres that the company estimates contain about 30 billion barrels. Exxon’s prospective agreement could cover more than 50 billion barrels of reserves. The negotiations come after the Trump administration opened the sector to U.S. firms, enabling Chevron to invest $7 billion to double its Venezuelan output to roughly 600,000 barrels per day.
Background & Context
In January, the Trump administration seized assets of President Nicolás Maduro, after which acting President Delcy Rodríguez overhauled oil-sector regulations, lowering tax rates to attract foreign investment. The policy shift has prompted a wave of U.S. interest: Chevron’s $7 billion commitment, Continental Resources’ 30-billion-barrel proposal, and now ExxonMobil’s renewed pursuit. Earlier in 2026, Exxon CEO Darren Woods called Venezuela “uninvestable,” but the company is reassessing that stance amid the broader push to revitalize the country’s energy sector.
Data & Statistics
- Continental Resources: 126,000 acres; ~30 billion barrels.
- ExxonMobil: Targeting >50 billion barrels across four fields.
- Chevron: $7 billion investment; aims for 600,000 barrels per day.
- U.S. investment outlook: Analysts project >$100 billion could flow into Venezuela under the new framework.
- Delcy Rodríguez’s 25-year plan: Projected revenue of $209 billion for Venezuela at $65 per barrel, with roughly $19 per barrel earmarked for the state.
Official Statements & Responses
Acting President Delcy Rodríguez said the 25-year energy agreement aims to raise Venezuelan crude production to 1.5 million barrels per day while preserving national sovereignty. Chevron and other U.S. firms have highlighted the opportunity to “revitalize” Venezuela’s oil sector, while Exxon’s leadership has shifted from labeling the country “uninvestable” to exploring technical assessments of its heavy-oil infrastructure.
Verbatim Quotes
- “It’s a milestone deal in making the Western Hemisphere the center of the global energy system,” — Energy Secretary Chris Wright
Conflicting Reports & Gaps
- Deal timing: The Wall Street Journal reports Exxon could sign a deal by month-end, while Bloomberg describes negotiations as ongoing with no firm deadline.
- Reserve estimates: Continental Resources cites 30 billion barrels, Exxon references “more than 50 billion,” and Venezuelan officials claim the nation holds about 300 billion barrels. No independent verification is available.
- Compensation structure: Legal and political overhang—including outstanding arbitration claims and Venezuela’s creditworthiness—leaves compensation terms for past expropriations unclear.
What’s Next
Final confirmation will require U.S. licensing and a negotiated compensation framework with Venezuela. Analysts expect the outcome to influence Exxon’s earnings report due in late October. Market participants will monitor official announcements that clarify the deal’s structure, timeline, and financial terms.