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Update: Market Chatter: Exxon, ConocoPhillips Push for Safeguards Before Returning to Venezuela

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(Updates with ConocoPhillips' response to a request for comment in the third paragraph.)

Exxon Mobil (XOM) and ConocoPhillips (COP) are seeking durable contract terms and a resolution to the billions of dollars they are owed as part of active negotiations with the Venezuelan government about returning to the country after exiting two decades ago, Bloomberg reported Tuesday, citing people familiar with the matter.

The oil companies said Venezuela has more work to do, but they are encouraged by President Delcy Rodriguez's willingness to negotiate, the report said, citing the people.

"ConocoPhillips has significant experience developing and operating these types of assets in Venezuela," a company spokesperson toldvia email. "We are continuing to evaluate potential in-country oil and gas opportunities, including gathering data, assessing next steps, and maintaining dialogue with relevant stakeholders."

Exxon didn't immediately reply to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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