ExxonMobil Signs Preliminary Venezuela Oil Pact, But No Investment Yet
ExxonMobil and Venezuela’s state oil company signed a non-binding memorandum on November 9 to study brownfield and greenfield projects. The step could reopen a relationship broken by Venezuela’s 2007 nationalisation, but no contract, investment or timeline has been announced.
By DoomRadar · Published on DoomRadar . Updated .
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How the effects could reach youConditional effects
Based on two sources with available article excerpts. Source-linked claims are not independent confirmation.
Event date: The memorandum was signed on Monday, November 9, 2026, in Caracas. [1][2]
What happened
ExxonMobil said it signed a preliminary memorandum of understanding with Petróleos de Venezuela, or PDVSA, on November 9. The agreement commits the companies to examine oil projects rather than to begin production or construction. [1][2]
References for this detail (2)
- Exxon Signs Preliminary Venezuela Oil Pactriotimesonline.com · Article published: Nov 10, 2026, 2:32 AM UTC
- Venezuela signs a memorandum with ExxonMobil for the oil major's return after leaving in 2007 — MercoPressen.mercopress.com · Recorded source date: Nov 10, 2026, 4:16 PM UTC
The signing took place in Caracas in the presence of acting President Delcy Rodríguez and ExxonMobil Upstream President Dan Ammann. Rodríguez said negotiations had lasted months and described the document as covering both existing and undeveloped fields. [2]
References for this detail (1)
- Venezuela signs a memorandum with ExxonMobil for the oil major's return after leaving in 2007 — MercoPressen.mercopress.com · Recorded source date: Nov 10, 2026, 4:16 PM UTC
The memorandum is non-binding. ExxonMobil has not promised to spend money, while the companies have disclosed neither investment figures nor a timetable for work in Venezuela. [1][2]
References for this detail (2)
- Exxon Signs Preliminary Venezuela Oil Pactriotimesonline.com · Article published: Nov 10, 2026, 2:32 AM UTC
- Venezuela signs a memorandum with ExxonMobil for the oil major's return after leaving in 2007 — MercoPressen.mercopress.com · Recorded source date: Nov 10, 2026, 4:16 PM UTC
The proposed return follows ExxonMobil’s departure in 2007 after Venezuela nationalised the last privately held oilfields under Hugo Chávez’s government. The company’s chief executive said in a late-October investor call that operating in Venezuela would require substantial changes and that Exxon was not in a rush. [1][2]
References for this detail (2)
- Exxon Signs Preliminary Venezuela Oil Pactriotimesonline.com · Article published: Nov 10, 2026, 2:32 AM UTC
- Venezuela signs a memorandum with ExxonMobil for the oil major's return after leaving in 2007 — MercoPressen.mercopress.com · Recorded source date: Nov 10, 2026, 4:16 PM UTC
Context from the sources
The agreement follows a reform of Venezuela’s hydrocarbons law that opened the sector to private and foreign investment, according to MercoPress. The outlet also reported that US officials have urged energy companies to invest in the country. [2]
What happened before, and what is different now
A documented earlier episode helps explain a possible mechanism. Its outcome does not predict this event.
The earlier episode
ExxonMobil left Venezuela in 2007 after the government nationalised the last privately held oilfields and changed the operating terms for foreign companies. [2][1]
What connects them
The new memorandum is presented as a possible return to the country after that withdrawal. [1][2]
What is different
The current document is only a non-binding study agreement; it does not restore operations or commit ExxonMobil to investment.
What to watch here
The relationship has moved from expropriation and withdrawal to exploratory negotiations, but the commercial reversal is still uncompleted.
Explore the sources and reporting timeline
2 source links · 2 domains
These counts describe the references, not independent confirmations. Different outlets can repeat the same original report.
Source timeline
Oldest to newest among the available source dates, not a chronology of the incident. Article publication dates come from the source; other recorded dates may reflect when a link was found.
- [1] Exxon Signs Preliminary Venezuela Oil Pactriotimesonline.comReferenced for: detail 1, detail 3, detail 4
- [2] Venezuela signs a memorandum with ExxonMobil for the oil major's return after leaving in 2007 — MercoPressen.mercopress.comReferenced for: detail 1, detail 2, detail 3, detail 4
Questions answered by the reporting
What projects does the memorandum cover?
It covers brownfield fields that are already producing and greenfield fields that have yet to be developed, according to acting President Delcy Rodríguez. [2]
What this could mean for you
Projects could face renewed commercial or political uncertainty if Venezuela’s operating rules change.
ExxonMobil previously left after nationalisation and changed terms, while its leadership says substantial changes would be required for operations.
Reported basis: [1][2] · The possible effect is interpretation.
Depends on: The parties would need stable rules and acceptable operating conditions before moving beyond the memorandum.
Possible consequences, not a forecast. Their relevance depends on your location and the conditions above.
For your country
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What changes the outlook
Risk increases if…
ExxonMobil and PDVSA fail to convert the memorandum into a binding agreement.
Venezuelan operating rules do not provide the changes ExxonMobil says would be necessary.
Pressure eases if…
The companies disclose enforceable terms, investment figures and a timetable for specific fields.
Venezuela maintains the legal and operating changes that opened the sector to foreign investment.
Still unclear
Whether negotiations will produce a binding contract or actual investment is unresolved.
The agreement’s proposed fields, operating terms and implementation timetable have not been disclosed.
Market implications
Market impact
Sources (2)
References for the reported details. Separate links do not necessarily mean independent confirmation.
Available excerpt
Published Monday, 9 November, 9:45 p.m. ET (10:45 p.m. Caracas) · Source: ExxonMobil statement The top US oil producer is edging back into the country…A short excerpt from our source record; open the original for the full article.
Available excerpt
Venezuela on Monday signed a memorandum of understanding with US oil company ExxonMobil with a view to its return to the country, which it left…A short excerpt from our source record; open the original for the full article.
First tracked by DoomRadar: . AI-assisted analysis · . Based on linked headlines and available excerpts. Methodology · Report an error.