Exxon Mobil and ConocoPhillips are reportedly seeking safeguards to support a potential return to Venezuela’s oil sector. After exiting Venezuela roughly two decades ago, the companies are exploring conditions that would make any re-entry more durable and reduce commercial and legal risks. According to reports, the firms are looking for contract terms designed to be stable over time, rather than subject to change without recourse.
A central element of their discussions involves addressing billions of dollars in amounts owed to the companies. The companies are seeking a mechanism to resolve these outstanding payments, which would allow them to move forward with operations if an agreement is reached. The reported focus on both contract protections and payment resolution suggests the companies are prioritizing risk management as they evaluate whether Venezuela’s framework can support long-term participation.
The reporting reflects efforts by the companies to clarify the terms under which they would operate, but it does not provide details on timing, the specific safeguards being requested, or whether the Venezuelan government will agree to them.
