ExxonMobil Signs MoU With Venezuela Nearly Two Decades After Being Forced Out

ExxonMobil has signed a memorandum of understanding with the Venezuelan government and state-owned Petróleos de Venezuela SA to evaluate potential upstream oil opportunities, the company said, marking the U.S. oil giant's first formal step toward re-entering a country it left roughly 19 years ago after the nationalization of its assets.

The move is a notable reversal for ExxonMobil CEO Darren Woods, who said as recently as January 2026 that Venezuela was "uninvestable" given conditions there at the time. The MoU is non-binding and commits the two sides to exploring drilling opportunities rather than to any specific investment, but it represents the most concrete signal yet that the company is willing to return to a country with some of the world's largest oil reserves, concentrated in the Orinoco Belt.

ExxonMobil stock showed little reaction to the announcement in after-hours trading, reflecting investor caution about the many hurdles that remain before any actual production deal could be finalized.