Exxon Mobil is on the verge of signing a preliminary agreement to explore investment opportunities in multiple oil fields across Venezuela, marking a potential return to the country nearly two decades after its departure.
According to sources familiar with the matter, the U.S. energy giant could finalize a memorandum of understanding with Venezuela's state-owned oil company as early as this month. The pact would pave the way for discussions on potential cooperation across a portfolio of both developed and undeveloped fields.
The talks, however, remain fragile and could still fall apart, with the possibility of extending beyond September, one of the sources noted. Another individual indicated that the fields covered by the proposed agreement hold combined subsurface crude reserves exceeding 50 billion barrels.
Venezuela, which claims total national oil reserves of roughly 300 billion barrels, ranks as the world's largest holder of proven crude reserves.
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