Exxon advances talks to return to Venezuela’s Orinoco Belt, sources say

ExxonMobil is engaged in talks to return to Venezuela's Orinoco Belt, according to sources familiar with the matter. The US energy giant previously held a stake in the large Petromonagas heavy oil project and is also interested in areas in the neighboring Carabobo block. If finalized, this reentry would mark a significant reversal for Exxon after it exited Venezuela nearly two decades ago due to a dispute over the nationalization of its oil projects by former President Hugo Chavez.

Exxon has sent technical teams to evaluate oilfields in Venezuela this year and had previously operated the Cerro Negro project with a 41.67% interest before its nationalization. The company's return could be advantageous due to its experience in extracting heavy oil in Canada, according to Exxon CEO Darren Woods. However, Petromonagas may require major repairs and maintenance after decades of insufficient investment.

Meanwhile, ConocoPhillips remains stonewalling negotiations to reenter Venezuela until it receives payment for $11 billion owed by Venezuela and PDVSA.