ExxonMobil returns to Venezuela after 19 years

Venezuela signed a memorandum of understanding with ExxonMobil, clearing the way for the U.S. energy major to operate oil fields in the country for the first time since it exited in 2007. The agreement covers fields holding billions of barrels of reserves and is intended to be converted into concrete cooperation steps. The return marks a notable re-entry for ExxonMobil into one of the world's largest crude deposits after a 19-year absence. What to watch next is whether the non-binding memorandum translates into formal contracts and actual production activity.