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ExxonMobil Signs Memorandum of Understanding with Venezuela
On November 10, 2026, ExxonMobil and Venezuelan PDVSA signed a memorandum of understanding on the possibility of returning the company to Venezuela, according to the WSJ, this is an investment agreement. Energy Intelligence described Exxon’s move as a "first step" in Venezuela.
TL;DR
- ExxonMobil signed a memorandum of understanding with Venezuela.
- Confirmation: 7 sources, 6 reports; first: Взгляд, November 10, 2026; latest: Energy Intelligence, November 11, 2026.
- For 9 months, the loss of OGK-2 under IFRS increased to RUB 612 mln compared to RUB 48 mln of loss for the same period.
- The loss of El5-energy under IFRS for 9 months amounted to RUB 125.7 mln compared to a profit of RUB 3.83 bln for the same.
- For 9 months, TGC-1 increased its net profit under IFRS by 2.3 times to RUB 5.3 bln.
Editor's note
The memorandum could mark the beginning of the process of ExxonMobil returning to assets in Venezuela after the severance of relations with PDVSA, however, the legal status of the document and its investment parameters were not disclosed in the reports. Data on the scope, timing and conditions of potential investments are insufficient.
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What happened
Venezuela and ExxonMobil Sign Memorandum of Understanding. Between November 10, 2026 and November 11, 2026, monitored outlets published 6 reports on the event; 7 sources provide cross-confirmation.
Key reports: "ExxonMobil Signs Investment Agreement in Venezuela" (Взгляд, November 10, 2026); "PDVSA signs memorandum on possibility of ExxonMobil returning to Venezuela" (Interfax, November 10, 2026); "Venezuela and ExxonMobil Sign Memorandum of Understanding" (Prime, November 10, 2026).
The reports cite the following figures: RUB 612 mln, RUB 125.7 mln, RUB 5.3 bln and RUB 500 bln. The full list is in the card's figures table and in the machine-readable dataset.
I hope that this memorandum will soon lead to the conclusion of concrete agreements that will bring results and the expected investments (Business FM), which have billions of barrels of oil reserves
Q&A
What is known about "Venezuela and ExxonMobil Sign Memorandum of Understanding"?
Venezuela and ExxonMobil Sign Memorandum of Understanding. The event is confirmed by 7 independent sources; reports were published between November 10, 2026 and November 11, 2026.
When did this become known?
The first report in monitoring: November 10, 2026 (Взгляд); the latest at the time of review: November 11, 2026 (Energy Intelligence).
Who is reporting this?
Sources include: Energy Intelligence, ИА ЭнергоНьюс, Business FM, Prime and Interfax. The full list with dates and links is in the "Sources" section.
What figures are cited in the reports?
RUB 612 mln, RUB 125.7 mln, RUB 5.3 bln and RUB 500 bln. The source of each figure is listed in the table.
Key numbers
| Value | Context | Source | Date |
|---|---|---|---|
| RUB 612 mln | For 9 months, the loss of OGK-2 under IFRS increased to RUB 612 mln compared to RUB 48 mln of loss for the same period | ИА ЭнергоНьюс | |
| RUB 125.7 mln | The loss of El5-energy under IFRS for 9 months amounted to RUB 125.7 mln compared to a profit of RUB 3.83 bln for the same period | ИА ЭнергоНьюс | |
| RUB 5.3 bln | For 9 months, TGC-1 increased its net profit under IFRS by 2.3 times to RUB 5.3 bln. | ИА ЭнергоНьюс | |
| RUB 500 bln | The Russian authorities have approved programs to improve the reliability of power grids for 40 regions worth about RUB 500 bln. | ИА ЭнергоНьюс |
Timeline
- Exxon takes ‘first step’ in VenezuelaEnergy Intelligence · Exxon делает «первый шаг» в Венесуэлу
- Venezuela signs memorandum of understanding with ExxonMobilИА ЭнергоНьюс · Венесуэла заключила меморандум о взаимопонимании с ExxonMobil
- Venezuela and ExxonMobil Sign Memorandum of UnderstandingBusiness FM · Венесуэла и ExxonMobil заключили меморандум о взаимопонимании
- Venezuela and ExxonMobil Sign Memorandum of UnderstandingPrime · Венесуэла и ExxonMobil подписали меморандум о взаимопонимании
- PDVSA signs memorandum on possibility of ExxonMobil returning to VenezuelaInterfax · PDVSA подписала меморандум о возможности возвращения ExxonMobil в Венесуэлу
- ExxonMobil Signs Investment Agreement in VenezuelaВзгляд · WSJ: Компания ExxonMobil подписала соглашение об инвестициях в Венесуэле
What is unknown
- Details may change: the card is updated as new reports come in.
What to watch
- New reports on the story from monitored sources (the card updates automatically).
- Official confirmation or revision of the figures cited.
Sources
- Exxon takes ‘first step’ in Venezuela — Energy Intelligence,
- Venezuela signs memorandum of understanding with ExxonMobil — ИА ЭнергоНьюс,
- Venezuela and ExxonMobil Sign Memorandum of Understanding — Business FM,
- Venezuela and ExxonMobil Sign Memorandum of Understanding — Prime,
- PDVSA signs memorandum on possibility of ExxonMobil returning to Venezuela — Interfax,
- ExxonMobil Signs Investment Agreement in Venezuela — Взгляд,
Machine translation of the Russian card (LibreTranslate + oil2x.ru domain glossary). Numbers, dates and source names are checked against the original. Original: Russian version. Version for AI and parsers: article.md.