ExxonMobil considers return to Venezuela as Chevron plans production increase

ExxonMobil said it is exploring a return to Venezuela nearly 20 years after its assets were seized and that security guarantees and a technical assessment would be needed; the report also says Chevron plans an immediate production increase.

ExxonMobil is exploring a return to Venezuela almost two decades after its assets were seized and nationalized. CEO Darren Woods said on Jan. 9 that certain security guarantees would be required before the company re-entered the market. He also said a near-term priority is to assemble a technical team to assess the condition of industry infrastructure and assets and to understand what would be involved in restoring production. The article also reports that Chevron plans an immediate increase in Venezuelan production. Key details: - ExxonMobil is exploring a return to Venezuela after its assets were seized and nationalized about 20 years ago. - CEO Darren Woods said security guarantees would be required before re-entering the market. - Woods said a technical team should assess the current state of the industry and assets to determine what would be needed to restore production. - The report notes that Chevron plans an immediate production increase in Venezuela. Summary: ExxonMobil’s statements indicate a cautious, assessment-first approach to any return, with security guarantees and a technical review identified as prerequisites. Chevron’s planned production increase suggests some companies are moving more quickly. The timing and scope of any ExxonMobil reentry remain undetermined at this time.