ExxonMobil to assess oil production opportunities in Venezuela — The Hill

U.S. oil company ExxonMobil has signed a memorandum of understanding with Venezuela to assess opportunities for oil drilling and production in the country. The Hill reports.

Assessment of potential projects

An ExxonMobil representative said the company welcomes the opportunity to assess potential projects in the extractive sector together with the Venezuelan government and state oil company PDVSA. He also noted that the memorandum is only a first step and that future investments will depend on stable policies, clear regulatory rules, reliable investment protection, and competitive returns.

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After its exit in 2007

The memorandum does not mean that ExxonMobil has made a final decision to invest in Venezuela. Earlier this year, the company’s CEO Darren Woods called the country unsuitable for investment under current conditions.

ExxonMobil left Venezuela in 2007 amid a nationalization campaign conducted by then-President Hugo Chávez. Chevron, which continued operating in the country, recently announced plans to double its production there. According to The Hill, Venezuela has significant oil reserves.