Exxon Mobil in talks to return to Venezuela oil sector after two decades

US energy giant Exxon Mobil is in talks to acquire oil production rights in Venezuela, nearly two decades after the company was effectively expelled from the country.

According to a report by The New York Times, the agreement, which could be finalized and announced within this month, would see Exxon sign contracts to produce oil across up to six fields in various regions of Venezuela.

Sources speaking to the newspaper on condition of anonymity stated that the deal, likely to be signed within a few weeks, could cover contracts for up to six Venezuelan oil fields located in different parts of the country.

Following the abduction of Venezuelan President Nicolas Maduro by US forces in January, US President Donald Trump called on oil companies to invest $100 billion in Venezuela and rebuild its energy sector.

In January, Exxon Chief Executive Darren Woods stated that Venezuela was “not an investable country” unless permanent protection was secured for new investments, drawing criticism from President Trump for his remarks.

Exxon withdrew from Venezuela in 2007 after its assets were seized.

According to the New York Times report, signing the agreement would also bring an end to a long-standing legal dispute that had positioned Exxon as a primary adversary of Venezuela’s socialist government. Venezuela possesses some of the largest oil reserves in the world.