Exxon moves toward return to Venezuela

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ExxonMobil signed a memorandum of understanding with Venezuela and state oil company PDVSA to assess potential upstream oil opportunities. The agreement marks a step toward the company’s possible return to producing oil in the country.

Oil giant ExxonMobil has taken a major step toward returning to produce oil in Venezuela. The firm has signed a memorandum of understanding with the South American nation to evaluate opportunities for drilling there. “We welcome the opportunity to evaluate potential upstream opportunities with the Venezuelan government and PDVSA,” said a spokesperson for the firm,…