Exxon advances talks to return to Venezuela oil fields

Exxon Mobil is advancing discussions with Venezuelan authorities to return to the country's Orinoco Heavy Oil Belt, according to reports published on 16 September 2026.

Preliminary negotiations focus on four heavy-oil fields, with a broader potential scope covering up to six production fields across different regions. The candidate fields under discussion hold combined estimated reserves of 50 billion barrels of oil.

The prospective re-entry comes 19 years after ExxonMobil ceased its Venezuelan operations following asset nationalizations. Prior to the 2007 expropriation, the energy company held a 41.67% equity stake in the Cerro Negro project.