economy
Exxon negotiating deal to pump oil in Venezuela after standoff with leaders
Exxon Mobil is negotiating a deal to produce oil in Venezuela nearly two decades after the company was forced to leave the South American country due to its socialist leadership.
TL;DR
- Exxon Mobil is in negotiations to produce oil in Venezuela.
- Exxon left Venezuela in 2007 after Hugo Chavez nationalized foreign-owned oil projects.
- A deal would be a significant win for President Trump, who has prioritized Venezuela's economic reopening.
- Exxon CEO Darren Woods, initially hesitant, is now optimistic about potential investments and returns.
- Acting Venezuelan President Delcy Rodriguez is reportedly pushing aggressively for the deal.
- Chevron is currently the only major U.S. energy company operating in Venezuela.