ExxonMobil and PDVSA sign memorandum of understanding to explore upstream business opportunities in Venezuela

ExxonMobil (XOM.US) said on Monday that it has signed a memorandum of understanding with Venezuela's state-owned oil company PDVSA to explore potential upstream business opportunities within Venezuela. ExxonMobil did not disclose specific projects or oil fields under evaluation. If the US oil giant ultimately moves forward with development projects, it will mark ExxonMobil's return to Venezuela nearly twenty years after its exit from the country.