Caracas (AFP) – The American company ExxonMobil signed a memorandum of understanding with Venezuela on Monday for potential exploration and production projects in the country.

First modification: 11/10/2026 - 12:51

At the beginning of the year and after the US military operation that deposed Nicolás Maduro, Venezuela took a turn in its oil policy following the legal reform promoted by the interim president, Delcy Rodríguez, which allows the opening of 100% private capital in the hydrocarbon sector.

With the preliminary agreement, the company begins its return after almost two decades absent from the Venezuelan industry. The oil company left the country in 2007 after a nationalization process led by then-president Hugo Chávez.

"Today is a very important signing," said the interim president in a television broadcast. "It reveals months of negotiations for an effective return of ExxonMobil to hydrocarbon operations" in the country.

The agreement covers the possibility of ExxonMobil operating several oil fields with billions of barrels of reserves.

"We hope that Exxon's investments are taking place under very favorable conditions (...) in a very important legal security framework to guarantee its investments," he added.

"We believe that our unique capabilities combined with the extraordinary resources of this country and Venezuela's long history in oil and gas production, will bring significant benefits to all parties involved," said Dan Ammann, president of ExxonMobil.

Rodríguez has governed under strong pressure from President Donald Trump's administration since January.

After Maduro's capture, Trump went so far as to urge top executives in the US oil sector to invest in Venezuela and boost production.

The proposal had been met with skepticism. Darren Woods, CEO of ExxonMobil, had stated that it was impossible to boost the industry in Venezuela without profound reforms in the country's political and economic systems.

ExxonMobil and ConocoPhillips left Venezuela after refusing Hugo Chávez's demand to cede majority control of their activity to the State. Since then, they have sought to recover billions of dollars that they claim are owed to them for the expropriation.

© 2026 AFP

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