Exxon signals optimism on Venezuela re-entry amid emerging opportunities

Published: 2026-05-06 03:45:11 ET XOM

Published on 05/06/2026 at 03:45 am EDT

Exxon Mobil Corp. has expressed a more upbeat view on Venezuela, with Chief Executive Officer Darren Woods highlighting potential opportunities as the country’s energy sector begins to reopen to global investment, El Periódico de la Energía reported.

Speaking during an earnings call, Woods described Venezuela as “an immense resource that is now opening up more freely to the world,” pointing to what he sees as a more favourable environment for future projects. He also noted growing coordination between the Trump administration, Venezuelan authorities and industry players to “shape the context of opportunity” in a way that could attract capital.

Woods said Exxon is well positioned to handle Venezuela’s heavy crude, citing its technological capabilities to process such oil more efficiently. “I feel optimistic about what’s happening, about the opportunity there. There’s a lot of work to be done (…) but I think we’re going to play an important role in bringing those barrels to market,” he added.

The comments follow a recent move by the company to send a team to Venezuela to assess the possibility of restarting production, signalling a potential return after its 2007 exit, when foreign operators withdrew following the nationalisation of oil assets under Hugo Chávez.

The renewed interest comes as US authorities have encouraged energy companies to invest in Venezuela after recent political developments. Even so, executives across the sector have remained cautious about committing fresh capital to the country.