A memorandum of understanding between Venezuela’s state-owned oil company PDVSA and ExxonMobil was signed on Monday, aimed at guaranteeing mutual benefits, economic momentum and development for the South American nation, with acting President Delcy Rodríguez leading the signing ceremony.
The document was signed for ExxonMobil by its chief executive for Venezuela, Andrés Acosta, and for PDVSA by its president, Héctor Obregón.
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Acting president Rodríguez explained that the agreement covers brownfields (in production) along with greenfields (to be developed) with significant reserves, on the order of billions of barrels of oil, which will make it possible to strengthen the hydrocarbons sector.
She stated that Exxon’s investments are taking place under very good conditions, within a framework of legal security aimed at boosting economic growth and national development, and that they will allow Venezuela to collect revenue to continue improving the people’s quality of life. She considered the agreement a synergy intended to drive successful long-term oil development and said she hopes the memorandum will very soon translate into concrete agreements.
Minister of Hydrocarbons Paula Henao described the agreement as “a highly important and significant event” for both Venezuela and the U.S. She stressed that it marks the return of ExxonMobil’s operations to the Bolivarian nation and highlighted that, in addition to economic investment, it integrates best international practices with local talent to build a new stage of shared success.
Dan Ammann, president of ExxonMobil, said the project seeks to unite technology and resources to drive development and benefit all of society.
What does ExxonMobil’s return to Venezuela mean?
As Venezuela’s acting president, Delcy Rodríguez, pointed out, the signed agreement covers fields with potential reserves of billions of barrels, ensuring legal certainty for investments and aiming to ensure that the benefits of… pic.twitter.com/qSro7zHNLP
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