ExxonMobil and ConocoPhillips Negotiate Return to Venezuela; US Marines Conduct Embassy Security Exercise

Multiple major developments on May 26, 2026 signaled deepening US-Venezuela economic and security normalization. ExxonMobil and ConocoPhillips — both of which had Venezuelan assets expropriated under Hugo Chávez in 2007, receiving billions in international arbitration awards — confirmed they are in negotiations for a potential return to Venezuela's oil sector under the transitional government led by Acting President Delcy Rodríguez. The talks involve exploring new production-sharing agreements and possible partial asset restoration under expanded OFAC General Licenses. ExxonMobil's Cerro Negro heavy-crude project in the Orinoco Belt — expropriated in 2007 — is among the assets under discussion. Separately, US Marines conducted a rapid response exercise at the reopened US Embassy in Caracas, demonstrating Washington's security commitment to the transitional government and deepened bilateral ties following Maduro's January 3 capture. Bloomberg separately reported that bond investors who held Venezuelan sovereign debt — which traded at a few cents on the dollar under Maduro-era default — are now reaping significant returns as debt restructuring talks advanced and market confidence in Venezuela's economic recovery grew. Chevron, which maintained operations throughout the Maduro era under OFAC General License, remains the best-positioned to immediately benefit from increased oil sector investment.