The oil giant is negotiating a preliminary deal to explore investment in several of the country's fields.
Exxon Mobil is close to signing a preliminary deal to explore investments in several oil fields in Venezuela, as the company negotiates a potential return to a country it exited nearly two decades ago.
Why the timing is notable
Venezuela holds some of the largest proven oil reserves in the world, but years of sanctions, nationalization disputes and underinvestment have left much of that capacity undeveloped. A preliminary exploration agreement, if it advances, would not itself represent a resumption of production, but it would signal that major international operators see enough of a path forward to justify renewed technical and commercial engagement with the country.
What to watch
Whether the preliminary talks progress to a binding agreement, and what terms Venezuela's government would require around ownership and repatriation of profits, will determine whether this marks the start of a genuine reentry or remains an exploratory conversation.