Exxon already has its team in Venezuela evaluating oil and gas resources and infrastructure, according to Reuters
The US oil company ExxonMobil sent a technical team to Venezuela to evaluate opportunities in the oil and gas sector, a sign of a possible reactivation of its interest in the South American country after years of absence. Reuters During its participation in the CERAWeek 2026 energy event, the company's upstream operations president, Dan Ammann, confirmed that the group is in Venezuelan territory analyzing both available resources and the state of the oil infrastructure.
TL;DR
- ExxonMobil has sent a technical team to Venezuela to evaluate oil and gas opportunities.
- The team is assessing available resources and the state of oil infrastructure.
- Short-term production increases are seen as possible, but full industry recovery needs substantial investment and time.
- This represents a shift from ExxonMobil's previous stance of Venezuela being 'uninvestable'.
- ExxonMobil left Venezuela in 2007 after its assets were expropriated.
- The evaluation occurs amid global interest in Venezuelan crude due to energy supply needs.
- A sustained return of major companies depends on legal reforms, political stability, and favorable economic conditions.