ExxonMobil and ConocoPhillips are negotiating with the Venezuelan government about a potential return to the country’s oil sector, nearly two decades after the government expropriated their assets. Both companies want significant legal and financial safeguards before investing in Venezuela’s vast crude reserves.
They are seeking durable contract terms that future governments cannot change and a mechanism to recover billions of dollars in debt stemming from the nationalizations. They also want any disputes settled in courts outside Venezuela.
The talks come as Venezuela’s government works to attract foreign capital to rebuild its struggling oil industry.