Venezuela signs memorandum of understanding with US company ExxonMobil

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Venezuela's acting president said the government has signed a memorandum of understanding with ExxonMobil covering oil-field projects with reserves estimated at billions of barrels. The proposed work includes both existing fields and new developments.

The acting President noted that the memorandum of understanding covers oil fields with "reserves amounting to billions of barrels of oil," including both brownfield and greenfield projects