Exclusive | Exxon Is Nearing Preliminary Deal to Invest in Venezuela’s Oil Fields
ExxonMobil is nearing a preliminary agreement to invest in Venezuelan oil fields, specifically targeting a return to the Orinoco Belt. Simultaneously, Continental, led by Harold Hamm, is preparing to announce its own deal for Venezuelan oil. These developments signal a shift in corporate engagement with Venezuela, as companies linked to Donald Trump move to secure energy assets in the region. While Exxon has not yet finalized its terms, the company is advancing talks to re-enter a market it previously left nearly two decades ago.
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- ✓ ExxonMobil is nearing a preliminary deal to invest in oil fields in Venezuela.
- ✓ Harold Hamm's company, Continental, is set to announce a Venezuela oil deal.
What changed
Continental is now reported to be announcing a deal alongside Exxon's advancing talks.
Live updates
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Exxon and Continental Pursue Venezuela Oil Deals
ExxonMobil is nearing a preliminary agreement to invest in Venezuelan oil fields, specifically targeting a return to the Orinoco Belt. Simultaneously, Continental, led by Harold Hamm, is preparing to announce its own deal for Venezuelan oil. These developments signal a shift in corporate engagement with Venezuela, as companies linked to Donald Trump move to secure energy assets in the region. While Exxon has not yet finalized its terms, the company is advancing talks to re-enter a market it previously left nearly two decades ago.
Why it matters
ExxonMobil exited Venezuela in 2007. The Orinoco Belt contains some of the largest oil deposits globally, making any return a significant shift in energy strategy. Harold Hamm is identified as an ally of Donald Trump.
What is confirmed
- ExxonMobil is nearing a preliminary deal to invest in oil fields in Venezuela.
- Harold Hamm's company, Continental, is set to announce a Venezuela oil deal.
Still unconfirmed
- Exxon is specifically advancing talks to return to the Orinoco Belt.
- Harold Hamm is a Trump ally.
What to watch next
- Official announcement from Continental regarding its Venezuela deal
- Finalization of ExxonMobil's preliminary investment agreement
confidence 80%Sources used for this update (6)
- Bloomberg.com — Harold Hamm’s Continental Set to Announce Venezuela Oil Deal
- The New York Times — Trump Ally Harold Hamm Strikes Venezuela Oil Deal
- wsj.com — Exclusive | Exxon Is Nearing a Preliminary Deal to Invest in Venezuela’s Oil Fields
- Reuters — Exxon advances talks to return to Venezuela's Orinoco Belt, sources say
- Mother Jones — Trump’s Friends Are Already Signing Deals to Take Venezuela’s Oil
- finance.yahoo.com — ExxonMobil Is Reportedly Nearing a Deal to Invest in Venezuela's Oil Fields. Is XOM Stock a Buy?
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