ExxonMobil eyes Venezuela return after two decades

ExxonMobil signalled it would resume operations in Venezuela almost two decades after leaving the country, a boost for Washington’s campaign to increase oil and gas output in its de facto protectorate. While crude production has risen moderately since the US ousted Venezuela’s president in January, it remains far below its 1990s peak, held back by outdated infrastructure and a lack of experienced workers: Exxon’s boss called the country “uninvestable” just a few months ago.

Oil majors fear that Venezuela — which has the world’s largest stated reserves — is still too politically unstable to commit billions of dollars to its economy, though the recent return of opposition leader María Corina Machado and her push for elections may help assuage those concerns.

— Jeronimo Gonzalez