Back to Venezuela! ExxonMobil (XOM.US) plans to sign a preliminary agreement to target huge reserves of 50 billion barrels of oil

The Zhitong Finance App learned that, according to people familiar with the matter, ExxonMobil (XOM.US) will soon sign a preliminary agreement to explore investments in several Venezuelan oil fields, which will mark the company's return to Venezuela after leaving the country for nearly 20 years.

ExxonMobil is likely to sign a memorandum of understanding with the Venezuelan National Petroleum Company (PDVSA) as soon as this month to explore an investment deal involving several developed and undeveloped oil fields, which together contain 50 billion barrels of oil.

According to reports, the company is interested in regaining control of the two giant oil fields it previously held in the Orinoco Belt (Orinoco Belt) — Petrovictoria and Petromonagas — (the two fields were nationalized in the mid-2000s) and obtain rights in two other oil fields in the nearby Carabobo (Carabobo) region.

Venezuela says its oil reserves are around 300 billion barrels, which will put it in first place in the world in terms of reserves.

Exxon's rival Chevron signed an agreement earlier this month to invest $7 billion in Venezuela over five years, with the goal of doubling production to 600,000 b/d; Harold Hamm's Continental Resources also signed a preliminary agreement on Wednesday to explore the development of an undeveloped oil field in Anzoátegui (Anzoátegui).