ExxonMobil says future investment in Venezuela will depend on whether projects can deliver competitive returns and low-cost production from the country’s heavy oil resources.
The position was outlined during the company’s first quarter 2026 earnings call, when Chief Executive Officer Darren Woods responded to questions about opportunities in Venezuela.
Woods told analysts, “Venezuela is a huge resource that’s now opened up more freely to the world.”
He noted that the development of Venezuela’s crude resources would require significant investment and technology because of the nature of the oil. Woods said, “The oil in Venezuela is very heavy, and therefore requires a lot of effort to get production up and get it onto the market.”
ExxonMobil has prioritized low-cost production across its upstream portfolio, including in neighboring Guyana, where the company and its Stabroek Block partners have developed four offshore projects now producing more than 900,000 barrels per day combined.
Against that backdrop, Woods stressed that production costs would be central to any future Venezuela investment. He said, “Doing that in a way that is low cost is going to be absolutely critical for Venezuela’s oil to be a full contributor to the world balance and to meet the demand that’s out there.”
Woods said ExxonMobil’s experience in heavy oil production through its Canadian operations could position the company for future opportunities in Venezuela if investment conditions become favorable.
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“I think we’re uniquely positioned in terms of low-cost production of the Venezuela resources when that opportunity, when the context is right and the investment returns look promising,” he said.
He later pointed to the company’s operational and technology experience in heavy oil developments.
“We are uniquely positioned in terms of the global footprint that we have in the ability to go into Venezuela with the right set of circumstances to apply that technology and produce those barrels at a much lower cost of supply than many of our competitors would be capable of doing,” he outlined.
