ExxonMobil explores a return to Venezuela after signing preliminary deal

ExxonMobil signs a preliminary deal with Venezuela, moving closer to a potential return.

American oil giant ExxonMobil has signed a preliminary memorandum of understanding with Venezuela. The agreement moves the company closer to resuming operations in the country nearly two decades after its departure. Executives previously branded the South American nation as uninvestable following the nationalization of its assets.

• The backgroundExxonMobil previously left the South American nation nearly 2 decades ago after its assets were nationalized.
• Prior stanceExecutives previously branded the oil-rich country as entirely uninvestable for foreign energy firms.