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Exxon and ConocoPhillips Seek Contract Terms for Possible Venezuela Return
The two companies are seeking durable contract terms and a mechanism to settle billions in outstanding claims before considering renewed operations in Venezuela, two decades after their exit.
May 26, 1:15 PM·1m read1 source
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Exxon and ConocoPhillips are seeking durable contract terms and a resolution for billions of dollars they say are owed to them as they evaluate re-entry into Venezuela. The companies left the country approximately twenty years ago. They have not stated a timeline for any return.
Discussions center on contract stability and repayment of past obligations. No specific dollar amounts or repayment schedules have been released. The companies have not disclosed which Venezuelan entities they are negotiating with or whether any agreements have been reached.
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