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Story summary
- ExxonMobil is negotiating with Venezuela’s government to re-enter the oil sector.
- Executives flew to Caracas at night to discuss Petrovictoria, Petromonagas and two Carabobo fields.
- Exxon proceeds cautiously after nationalizations since the 1970s, noting talks have lasted months.
- CEO Darren Woods called Venezuela “uninvestable” in January yet cited Canadian heavy-oil expertise as an advantage in May.
- ConocoPhillips refuses new negotiations until Venezuela and PDVSA pay $11 billion owed from past expropriations.