ExxonMobil has signed a memorandum with the Venezuelan authorities and the state oil company PDVSA to study the possibilities of oil production. The American corporation is considering work in the country 19 years after leaving, but the signed document does not oblige the parties to invest funds or begin developing deposits.
ExxonMobil emphasizes that the investment will require changes in laws and capital protection. This is a basic condition: access to oil resources does not mean a company's willingness to finance projects. A few months ago, ExxonMobil called Venezuela generally unsuitable for investment.
This began to change with the passage of this year's law that opened the country's oil sector to private business. The memo indicates market interest, but not a return to production by ExxonMobil. The further result depends on what legal guarantees the investor receives and whether the preliminary assessment becomes a real investment.