Exxon Mobil is preparing to send an assessment team to Venezuela, a move reported by Reuters on January 12, 2026. The announcement follows President Donald Trump’s recent remarks that he may keep Exxon out of the country, yet the oil giant remains open to evaluating opportunities there.
Venezuela holds the world’s largest proven oil reserves—about 300 billion barrels—but the country nationalized its oil industry between 2004 and 2007, seizing assets of Exxon and other majors. Exxon has pursued international arbitration and compensation claims, but enforcement of those awards has been difficult, leaving the company wary of future investment.
CEO Darren Woods has described Venezuela as “uninvestable” without legal and commercial reforms. Despite that assessment, Exxon is sending a technical team to evaluate assets within weeks, indicating a cautious but active exploration of a potential investment.
The assessment comes amid a Trump administration that has encouraged U.S. oil companies to invest in Venezuela, especially after the removal of Nicolás Maduro. Chevron remains the only U.S. major operating there, having negotiated terms to stay, giving it a unique foothold in the market.
A potential re‑entry could diversify Exxon’s upstream portfolio and provide access to heavy and extra‑heavy crude, but political and regulatory risks remain high. Exxon’s cautious approach reflects its past experience with asset seizures and the need for durable legal protections before committing capital.
While no investment commitment has been made, the deployment of an assessment team signals that Exxon is actively evaluating feasibility, which could reshape its capital allocation and upstream footprint in the coming years.
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