Exxon Mobil has reached a preliminary agreement to return to Venezuela. The deal marks a major step for the largest U.S. oil company.
The move comes nearly two decades after Exxon exited the country. Venezuela’s government has sought outside investment to revive its oil sector.
Exxon left Venezuela in 2007 after the government seized control of several major oil projects. The company pursued arbitration and received compensation awards.
The preliminary deal could restore Exxon’s access to some of the world’s largest oil reserves. Venezuela holds the biggest proven crude reserves globally.
Details of the agreement remain limited. The terms have not been publicly disclosed by either side.
Venezuela’s oil industry has struggled under sanctions and years of underinvestment. Production has fallen sharply from its peak in the late 1990s.
A return by Exxon would signal growing confidence in the country’s energy sector. Other international oil companies have also expressed interest in re-entering Venezuela.
The agreement still requires final approvals. A timeline for resuming operations has not been announced.
