ExxonMobil signed a non-binding memorandum of understanding with Venezuela’s state-owned oil company PDVSA on 9 November to evaluate potential upstream opportunities, according to Venezuela’s investment promotion agency, CIIP. The agreement is an initial step towards a possible return to the country.
In a statement reported by Reuters, ExxonMobil said future investment would depend on stable policies, clear regulations, strong investment protections and competitive returns. The projects or areas being considered were not identified.
The signing took place in Caracas in the presence of interim President Delcy Rodríguez and ExxonMobil Upstream President Dan Ammann, Spanish news agency EFE reported. Ammann described the agreement as an initial step in a process he hoped would lead to the company’s return.
Rodríguez said the memorandum covered both existing fields and undeveloped areas, following months of negotiations. She expressed hope that it would lead to concrete agreements. No investment amount or development timetable was disclosed, CIIP noted.
ExxonMobil left Venezuela in 2007 following the nationalisation of its oil assets under then-President Hugo Chávez. The new memorandum opens discussions on future activity but does not confirm a resumption of operations. Participation in exploration or production would require a final joint-venture or production-sharing agreement, Reuters reported.