ExxonMobil is nearing a preliminary agreement with state-run PDVSA to explore Venezuelan oil fields. The companies could sign a memorandum of understanding as early as this month.
This deal marks ExxonMobil’s potential return to the country nearly two decades after its assets were expropriated in 2007. The agreement targets several developed and undeveloped fields containing an estimated 50 billion barrels of oil.
The move follows recent Venezuelan investment agreements by competitors Chevron and Continental Resources.