ExxonMobil has signed a nonbinding memorandum of understanding (MoU) with Venezuela’s state-owned oil company, PDVSA, to explore potential upstream opportunities. The move could mark the American oil major’s return nearly two decades after the Venezuelan government expropriated its assets. The companies have not disclosed which projects or oil areas ExxonMobil is evaluating.
ExxonMobil described the MoU as a “meaningful first step” but said any future investment would depend on significant reforms. The company said it would require “stable policies, clear regulations, strong investment protections, and competitive returns” before making a commitment.
CEO Darren Woods, who called Venezuela “uninvestable” earlier this year, has acknowledged recent progress in the country’s fiscal and legal frameworks but remains cautious.