ExxonMobil signed an agreement with Venezuela's state oil company PDVSA
ExxonMobil said Monday it signed a memorandum of understanding with Venezuela’s state oil company PDVSA to assess upstream oil opportunities. The agreement is an initial step, not a commitment to begin production, and could mark a return nearly two decades after the company’s assets were expropriated.
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In a statement, Exxon said any future investment would require stable policies, clear regulations, strong investment protections and competitive returns. The New York Times called the deal a symbolic win for Donald Trump, who has pressed U.S. oil companies to invest in Venezuela.
On an earnings call last month, Woods said Venezuela had made progress but “there is a way to go.”
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Reporting behind this story
- The New York Times — Exxon Strikes Preliminary Deal to Return to Venezuela
- marinelink.com — ExxonMobil Takes First Step Toward Venezuela Oil Return