ExxonMobil has not operated in Venezuela since 2007, when late socialist leader Hugo Chavez seized its assets as part of a widespread expropriation campaign. (Reuters pic)CARACAS: US oil giant ExxonMobil signed a memorandum of understanding with Venezuela on Monday, as foreign companies scramble for a slice of the country's crude following pressure from Donald Trump to open up the sector.
Venezuela's interim leader Delcy Rodriguez has granted Washington access to a huge chunk of national crude reserves since a US raid toppled president Nicolas Maduro in January.
Venezuela sits on the world's largest proven oil reserves, but years of sanctions, underinvestment and mismanagement have crippled the once booming industry.
