Exxon Nears Deal to Return to Venezuela After Nearly Two Decades
ExxonMobil is nearing an agreement to return to Venezuela's Orinoco Belt after nearly two decades, following the nationalization of its assets in 2007. The deal would involve fields with geological estimates exceeding 50 billion barrels, though these figures are not booked reserves or production numbers and do not represent signed contracts yet. Separately, Continental Resources has also signed a preliminary memorandum of understanding to develop an area estimated at 30 billion barrels in the Orinoco Belt. However, Trump's claim that the U.S. secured a deal for 65 billion barrels does not align with disclosures from either company and appears unrelated or exaggerated. The potential return highlights Venezuela’s vast oil reserves but also its history of expropriating foreign assets. Despite these risks, Western energy firms continue to pursue opportunities in the country due to its resource wealth.
Topics: ExxonMobil Oil Deal Orinoco Belt Venezuela