Exxon Mobil Eyes Return to Venezuela: A New Chapter Post-Nationalization

Exxon Mobil CEO Darren Woods expressed interest in potentially returning to Venezuela following a White House meeting with President Trump. Discussion focused on reviving Venezuela's oil industry post-nationalization, with legal reforms and secure conditions as prerequisites. Chevron and ConocoPhillips also explored future investments and debt recovery options.

Exxon Mobil is contemplating a groundbreaking return to Venezuela, nearly 20 years after its assets were nationalized, according to CEO Darren Woods. The revelation came during a White House meeting with President Donald Trump, soon after U.S. forces ousted Venezuelan President Nicolas Maduro in a sudden operation.

Woods emphasized the importance of analyzing current industry conditions and asset status in Venezuela, stressing the need for significant legal reforms to foster a secure investment environment. He pointed out the necessity of changing the country's hydrocarbons law to accommodate durable investment protections.

Meanwhile, Chevron Vice Chairman Mark Nelson noted the company's readiness to bolster its operations in Venezuela, doubling joint venture liftings with PDVSA. Concurrently, ConocoPhillips is keen on restructuring PDVSA and involving banks like Exim Bank to finance necessary infrastructure repairs, with CEO Ryan Lance optimistic about recovering part of Venezuela's $13 billion debt to the company.

(With inputs from agencies.)