ExxonMobil Takes First Step Toward Venezuela Oil Return

ExxonMobil said on Monday it signed a memorandum of understanding with Venezuelan state oil company PDVSA to assess upstream oil opportunities, marking a potential return to the country nearly two decades after its assets were expropriated.

The agreement is non-binding and does not commit Exxon to any specific project.

"This memorandum is a meaningful first step, but any future investment would require stable policies, clear regulations, strong investment protections and competitive returns," Exxon said in a statement.

The company did not say which projects or oil areas it was evaluating. A final joint-venture or production-sharing contract would be needed before Exxon could take part in exploration or production.

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