ExxonMobil of the United States and Venezuela Sign Memorandum of Understanding on Upstream Oil Cooperation

en.Wedoany.com Reported - On November 9, U.S. oil company ExxonMobil and Venezuela's state-owned oil company PDVSA signed a non-legally-binding memorandum of understanding under which the two parties will jointly assess potential upstream oil business opportunities in Venezuela. The agreement marks the entry of ExxonMobil's cooperation to advance its return to the Venezuelan oil market into the preliminary agreement stage, with subsequent investment still subject to local policy, regulatory and commercial conditions.

ExxonMobil lists policy stability, clarity of regulatory rules, long-term investment protection and competitive investment returns as necessary conditions for future investment. The company will assess whether to further advance local oil and gas exploration and development operations based on the above conditions.

The signing of this memorandum of understanding is a new cooperation milestone for ExxonMobil nearly 20 years after its exit from Venezuela. In 2007, the company withdrew from the local market after the Venezuelan government expropriated its oil assets. In 2026, ExxonMobil has dispatched technical teams to assess Venezuelan oil fields and has conducted negotiations with relevant local parties on re-entering the oil development sector.

Under this cooperation arrangement, should ExxonMobil further participate in Venezuela's oil exploration or production operations, it will also need to reach a formal joint venture contract or production sharing agreement with the relevant parties.