ExxonMobil and PDVSA sign a memorandum to evaluate upstream opportunities
ExxonMobil signed a memorandum with PDVSA to study upstream projects. No areas, amounts or timelines were disclosed.
ExxonMobil announced on Monday, November 9, a non-binding memorandum of understanding with PDVSA. The document allows the company to evaluate upstream opportunities in Venezuela.
The company did not name projects or areas under review. Taking part in production would require a final contract, such as a joint venture or a production-sharing agreement.
ExxonMobil said any future investment would need stable policies, clear regulation, investment protections and competitive returns. President Delcy Rodríguez welcomed the company at a ceremony aired by VTV.
The company left the country nearly two decades ago and holds a pending US$1.6 billion award claim.
