ExxonMobil is nearing a preliminary deal to invest in Venezuela’s oil fields while negotiating a potential return to the country nearly two decades after its exit, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
ExxonMobil could sign a memorandum of understanding with state-run Petróleos de Venezuela as soon as this month to explore investing in a number of developed and undeveloped fields, according to the report, though the talks could still fall apart or extend beyond September, it added.
The oil major has inched closer to a deal with Venezuelan officials over time and was expected to continue those talks at the G-20 Energy Abundance Ministerial in Houston this week, the report noted.
The deal could include fields holding a combined 50 billion barrels of oil, the WSJ reported.
ExxonMobil did not immediately respond to Reuters’ request for comment.
(Reporting by Dharna Bafna in Bengaluru; Editing by Tasim Zahid)