Exxon is reportedly nearing a deal to invest in Venezuela two decades after exiting the country, a move that could revamp oil production in the de facto US protectorate. Under the agreement, the Texan firm would partner with state-owned Petróleos de Venezuela to invest in fields containing as many as 50 billion barrels of crude.
Since taking effective control over the country, Washington has prioritized boosting oil production as it vies to tame soaring international energy prices sparked by the Iran war. However, the expected investment rush has failed to materialize, pushing the Trump administration to play a more direct role. Though Venezuela’s output has risen in recent months, experts believe getting back to pre-Chavista levels could take years.
