The Venezuelan government has signed a memorandum of understanding with US company ExxonMobil providing for its return to oil and gas exploration and production in the country. President Delcy Rodríguez announced the agreement at a ceremony attended by John Barrett, the US chargé d’affaires in Venezuela. The document marks the culmination of months of bilateral negotiations.
The parties plan to jointly develop fields onshore, in deepwater areas and in undeveloped sites, where oil reserves are estimated at billions of barrels. Rodríguez said ExxonMobil has the technology, capital and experience needed, while trained Venezuelan oil workers will play a key role in the projects. She said the partnership should provide safeguards for foreign investment and help revive industry, spur economic growth and improve citizens’ quality of life. The memorandum was signed by representatives of ExxonMobil and state-owned oil company PDVSA.
Full version: Venezuela and ExxonMobil sign memorandum to develop oil fields