Exxon Could Return to the Venezuelan Field It Was Forced Out of in 2007. Here's What Changed.
ExxonMobil is considering investing in Venezuela again after being kicked out twice.
Overview
What's old is new again. At least, that seems to suddenly be the case for ExxonMobil Holdings (NYSE: XOM).
Exxon first went into Venezuela in the 1940s. But over the years, the oil major had its assets in the country expropriated by that nation's government, not once, but twice. The South American nation nationalized the entire oil industry in 1976 under President Carlos Andrés Pérez. After being invited back in the 1990s, ExxonMobil made major new investments in the country, only to have those new assets taken by Hugo Chavez's regime in 2007.
Details
So, ExxonMobil's history in Venezuela, which has the largest proven crude oil reserves of any country on the planet, has been a bit checkered, to say the least.
Source
Originally published at www.fool.com.