Negotiations between Exxon Mobil and other major U.S. oil companies with Venezuela over prime drilling locations reached an impasse. Intense competition among American firms for the same assets and disagreements over regulatory terms stalled the talks.
U.S. executives also expressed concerns regarding Venezuela’s long-term political stability. Exxon Mobil withdrew interest after the Venezuelan government offered only a limited number of the requested fields.
The deadlock creates uncertainty for Exxon’s planned large-scale return to the prolific Orinoco Belt.