Exxon's Venezuelan Gambit: A High Stakes Bet on Oil Riches The reappearance of ExxonMobil in Venezuela after nearly two decades is a development that raises more questions than answers.
The Wall Street Journal reported last month that Exxon was close to a deal with state owned PDVSA, marking a significant shift from the company's previous stance on investing in the country.
Exxon's interest in Venezuela stems from the country's vast oil reserves – 50 billion barrels of oil buried underground in fields that could become the energy giant's next big play.