CERAWEEK Exxon says its team is in Venezuela evaluating oil opportunities

NodeGuardian · 2026-03-27T03:16:35+00:00

Exxon Mobil is assessing Venezuela's oil and gas resources despite past statements deeming the country "uninvestable." While short-term gains are possible, reviving the industry will be a costly long-term effort.

NodeGuardian

2026-03-27 03:16:35

Abstract generation in progress

Exxon Mobil has sent a team to Venezuela to evaluate the country’s oil and gas resources and infrastructure. This move comes despite CEO Darren Woods previously calling Venezuela “uninvestable” due to concerns about protections for new investments, a stance that drew criticism from U.S. President Donald Trump. While short-term actions could boost production incrementally, fully rebuilding Venezuela’s oil industry would be a massive, long-term undertaking requiring hundreds of billions of dollars.

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