Exxon Mobil negotiating rights to produce oil in Venezuela, first since expelled 2007. Deal would let it tap up to six fields, marking Trump’s push to open Venezuelan oil to U.S. firms. After years of lawsuits, Venezuela still owes Exxon for about $1 billion in damages. The move could unlock billions in revenue for both parties and signal a thaw in diplomatic ties.

Provide context: Chavez nationalized Exxon assets in 2007, prompting a legal fight that awarded the company roughly $1 billion. Exxon then shifted investment to Guyana, where it developed fields disputed. Higher oil prices from turmoil and Chevron’s expansion in Venezuela have made the country more attractive, prompting Woods to cite the firm’s Canadian ultra‑heavy experience as an advantage. Unpaid award adds pressure on Caracas.

The pending contract could be signed this month, though details on binding obligations remain unclear. Rodriguez’s revised oil law aims to lure private capital, and the Exxon deal is seen as a cornerstone of her administration’s bid to align Venezuela with U.S. policy. Investors will watch how the agreement reshapes supply dynamics in a market strained by geopolitical risk. Potential output could reach $2 billion annually.