An Exxon Mobil executive said the company plans to send a team to Venezuela in the coming weeks and expressed potential interest in returning to operations in the country under the right conditions.

The comments suggest Exxon is evaluating opportunities in Venezuela, where it previously had significant oil operations before exiting amid political and economic turmoil. Venezuela holds the world's largest proven oil reserves but has seen production decline sharply in recent years due to sanctions, mismanagement, and infrastructure problems.

Exxon's potential interest comes as the Biden administration has adjusted its approach to Venezuela sanctions in recent months. The U.S. has provided some sanctions relief tied to progress on democratic reforms and human rights, though broad energy sector sanctions remain in place.

The oil giant previously operated major projects in Venezuela but left the country following disputes with the government over asset nationalizations. Any return would likely depend on further changes to the sanctions regime and improved business conditions in the country.

Venezuela's oil industry has attracted renewed international attention as global energy markets remain volatile following the war in Ukraine and other geopolitical tensions. However, significant political and regulatory hurdles remain for foreign companies considering operations there.