Exxon Mobil is on the verge of signing an initial agreement to evaluate investment prospects in various oil fields across Venezuela, according to sources familiar with the matter. This move would signal the company's re-entry into the South American nation nearly two decades after its departure. The energy giant could finalize a memorandum of understanding with Venezuela's state-owned oil company as early as this month, paving the way for talks on a potential investment deal covering multiple developed and untapped oil fields that collectively hold an estimated 50 billion barrels of crude.

Reports indicate that Exxon is seeking to regain control of two massive oil fields it previously operated in the Orinoco Belt—Petrovictoria and Petromonagas—which were nationalized in the mid-2000s. The company is also eyeing stakes in two additional fields located in the nearby Carabobo region. Venezuela claims proven oil reserves of roughly 300 billion barrels, which would position the country as having the largest reserves globally.

Exxon's move follows similar steps by competitors to expand their footprint in Venezuela. Chevron inked a deal earlier this month to invest $7 billion over five years through its local joint venture, aiming to double output to 600,000 barrels per day. Meanwhile, Continental Resources, led by Harold Hamm, signed a preliminary agreement on Wednesday to explore the development of an untapped oil field in Anzoátegui state. These developments underscore a growing wave of renewed interest in Venezuela's vast energy resources.