Exxon Nears Preliminary Deal to Invest in Venezuelan Oil Fields

M&A · PartnershipCommodity
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Summary · why it matters

ExxonMobil is close to signing a preliminary deal to explore investments in several Venezuelan oil fields, The Wall Street Journal reported Wednesday, which would mark a return to the country nearly two decades after its exit. Exxon could sign a memorandum of understanding with state-run PDVSA as soon as this month to explore a deal to invest in a number of developed and undeveloped fields that collectively contain 50B barrels of oil, according to the report. The company reportedly is interested in retaking control of two giant fields it previously held in the Orinoco Belt, Petrovictoria and Petromonagas, before they were nationalized in the mid-2000s, and securing rights to two additional fields in the nearby Carabobo region. Venezuela has said it has ~300B barrels of oil reserves, which would make its reserves the largest in the world. Exxon rival Chevron signed a deal earlier this month to invest $7B in Venezuela over five years through its joint ventures there, aiming to double its production to 600K bbl/day, and Harold Hamm's Continental Resources signed a preliminary deal Wednesday to explore an undeveloped oil field in the state of Anzoátegui.

Impact on stocks 2

Energy Transition & Power Demand▲ · 1 stocks
Exxon Mobil Corp
XOM
▲ PositiveCapitalrelevance

ExxonMobil is near a preliminary MOU with PDVSA to invest in Venezuelan oil fields, including regaining two Orinoco Belt fields.

Energy▲ · 1 stocks
Chevron Corp
CVX
▲ PositiveCapitalrelevance

Chevron signed a $7B five-year investment deal in Venezuela to double JV production to 600K bbl/day.

Off-coverage companies 2

Petroleos de Venezuela, S.A. (PDVSA)Private▲ Positive
Capitalrelevance

PDVSA would sign an MOU with Exxon and has drawn new investment deals from Chevron and Continental Resources.

Continental Resources Inc.Private▲ Positive
Capitalrelevance

Continental Resources signed a preliminary deal to explore an undeveloped oil field in Anzoátegui state.

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