American oil giant Exxon Mobil is reportedly in discussions concerning the acquisition of oil extraction rights within Venezuela. This information comes from The New York Times, which cites its sources for the report.
According to these sources, a potential agreement could be finalized as early as May. The understanding is that Exxon Mobil would be granted contracts to develop six distinct oil fields located across various regions of Venezuela.
This prospective deal is being viewed as a significant development in the efforts by the administrations of U.S. President Donald Trump and Venezuelan Vice President Delcy Rodríguez to foster economic collaboration between the two nations. It’s worth noting that back in January, Exxon had characterized Venezuela as “uninvestable.” However, this stance appears to have shifted, influenced by the global surge in oil and gas prices stemming from the conflict involving Iran, as well as a broader industry push by oil companies to diversify their supply sources.
Furthermore, Exxon’s competitor, Chevron, recently announced an expansion of its major oil project in Venezuela. Analysts suggest that this move may have intensified Exxon’s interest in re-establishing its presence in the country. The sources also indicated that Exxon representatives visited Caracas in April to assess the oil fields that have been proposed for development.
Exxon had a long-standing operational history in Venezuela dating back to the 1940s. However, in 2007, under President Hugo Chávez, the Venezuelan government nationalized the company’s oil assets. Following this, Exxon departed from Venezuela and initiated protracted legal proceedings against Caracas.
In February, Venezuela dispatched its first shipment of crude oil to Israel in several years. Bloomberg reports that this cargo is destined for Bazan Group, Israel’s largest oil refiner. Individuals familiar with the matter, who spoke on the condition of anonymity, stated they were unable to disclose specific details publicly. Should this delivery proceed, it would mark the first such transaction since mid-2020, when Israel imported approximately 470,000 barrels of Venezuelan oil.
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