ExxonMobil is in talks to return to Venezuela's oil sector, given Petromonagas' heavy oil project in the Orinoco belt and Carabobo block areas.

ExxonMobil is in talks to return to Venezuela's oil sector, given Petromonagas' heavy oil project in the Orinoco belt and Carabobo block areas.

The move would mark a reversal of Exxon's exit in 2007 after Venezuela nationalized its assets under former president Hugo Chavez.

The company has sent technical teams to assess opportunities, while rivals including Chevron and Eni have already expanded projects in the country.

Source: Reuters