President Donald Trump said Exxon Mobil is among U.S. companies planning to resume operations in Venezuela, but the oil producer has not confirmed any investment decision. A return would mark a major strategic reversal after Exxon exited Venezuela in 2007 when its assets were nationalized. Exxon CEO Darren Woods called Venezuela an "uninvestable" market in January without durable investment protections, before the company announced in March that it would send a technical team to assess oil and natural-gas resources and damaged infrastructure. The broader U.S.-Venezuela plan involves 17 fields holding approximately 640 billion to 650 billion barrels of proven reserves, mostly in the Orinoco Heavy Oil Belt and Lake Maracaibo region. U.S. officials said a new private company involving the United States and an unnamed private operator would receive development rights for up to 100 years, while the U.S. side would obtain 55% of effective production through equity interests and the right to buy oil at cost. Venezuela's acting president, Delcy Rodríguez, said the fields could attract about $100 billion in investment and generate more than $209 billion in tax revenue. Chevron, GE Vernova, India's Oil and Natural Gas Corporation, Eni and Colombia's GeoPark are also expected to pursue separate Venezuelan projects. The fields could eventually produce as much as 1.5 million barrels per day, but years of underinvestment, damaged infrastructure and heavy capital needs make a rapid supply increase uncertain. The initiative comes as Brent crude rose 2.71% to $90.49 a barrel and WTI gained 2.83% to $85.76 amid renewed U.S.-Iran conflict and risks around the Strait of Hormuz. Some Venezuelan crude could replenish the U.S. Strategic Petroleum Reserve (SPR), an emergency oil stockpile, although the country's heavy crude and damaged infrastructure mean the plan would not guarantee near-term declines in gasoline or global oil prices.