ExxonMobil signs memorandum toward re-entering Venezuela

ExxonMobil signed a memorandum of understanding with the Venezuelan government and state oil company PDVSA for potential upstream opportunities, formalising negotiations about operating one or more oil fields.

Why it matters: The memorandum is a first formal step back toward Venezuela for the largest United States oil company, months after chief executive Darren Woods called the country uninvestable, and it is non-binding, with no fields, amounts or terms stated in the portion read.

Data as of Bloomberg report of November 9, 2026; the opening portion was read in full via the estate browser route and the rest is paywalled, so no field names, amounts, timing or sanctions conditions are stated here. Single source. Developing item.

ExxonMobil Holdings Corp. has formalised negotiations with Venezuela about operating one or more oil fields, Bloomberg reported on Monday. The company said in a statement that it signed a memorandum of understanding with the Venezuelan government and state-owned Petróleos de Venezuela SA for “potential upstream opportunities”; memoranda of this kind are typically non-binding.

The step comes months after chief executive Darren Woods called Venezuela “uninvestable” given its condition at the time, Bloomberg reported.

ExxonMobil signs memorandum toward re-entering Venezuela

Sources