00:00It's Benzinga bringing Wall Street to Main Street
00:02ExxonMobil is close to signing a preliminary deal to explore investments in several Venezuelan
00:07oil fields. According to the Wall Street Journal, the company could sign a memorandum of understanding
00:11with state-run Petróleos de Venezuela as soon as September. The potential deal could cover
00:16developed and undeveloped fields containing more than 50 billion barrels of oil.
00:20Exxon has sent teams to Caracas this year as President Trump pushes U.S. oil producers to
00:25invest in Venezuela's energy sector. Chevron recently agreed to invest $7 billion in Venezuela
00:30over five years, while Continental Resources signed a preliminary deal Wednesday.
00:35In January, Exxon CEO Darren Woods said Venezuela was uninvestable, without changes to its commercial
00:42framework, legal system, and hydrocarbon laws. Venezuela has overhauled its oil regulations,
00:48including allowing lower tax rates on oil production. For all things money, visit Benzinga.com.
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