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00:03ExxonMobil has signed a preliminary agreement with Venezuela's government and state oil company,
00:08PDVSA, to evaluate seven areas for potential development.
00:12The agreement allows ExxonMobil to evaluate seven areas for potential development,
00:17including undeveloped fields, mature fields, and an exploration block with exclusive negotiating
00:23rights for one year. The company is considering a return to projects in Venezuela's Orinoco belt,
00:28including operations it held before their nationalization in 2007.
00:33Russian ownership stakes in two projects remain unresolved. Exxon previously rejected an offer
00:39involving a different mix of areas. CEO Darren Woods has since acknowledged improvements to
00:44Venezuela's fiscal and legal terms. Exxon said future investments would require stable policies,
00:50clear regulations, strong investment protections, and competitive returns.
00:55For all things money, visit Benzinga.com.
