ExxonMobil just signed a memorandum of understanding with Venezuela's government and its state oil company, possibly marking its return to the country after leaving in 2007.
The agreement opens the door for ExxonMobil to explore and produce oil in Venezuela again, but it's still early days.
Venezuela reforms prompt ExxonMobil caution
Venezuela recently updated its petroleum laws to attract foreign companies: think more control for private firms and reforming taxes and royalties.
While rivals like Chevron have already jumped in, ExxonMobil is taking things slow.
According to ExxonMobil's statement, "But any future investment would require stable policies, clear regulations, strong investment protections and competitive returns."
Especially after their assets were nationalized years ago (and only last year did they win over $985 million in US courts over that).