XOM is nearing a preliminary agreement with Venezuela's state oil company to explore investments in developed and undeveloped oil fields. The Details: · Potential agreement: Exxon could sign a memorandum of understanding with Petróleos de Venezuela as soon as September. · Negotiation status: People familiar with the matter said discussions could still fail or extend beyond September. · Field potential: The prospective deal could include fields holding a combined 50 bi

XOM is nearing a preliminary agreement with Venezuela's state oil company to explore investments in developed and undeveloped oil fields. The Details: · Potential agreement: Exxon could sign a memorandum of understanding with Petróleos de Venezuela as soon as September. · Negotiation status: People familiar with the matter said discussions could still fail or extend beyond September. · Field potential: The prospective deal could include fields holding a combined 50 billion barrels of oil underground. · Company activity: Exxon has sent teams to Caracas this year to negotiate a possible investment agreement. · Further talks: The company was expected to continue discussions at the G-20 Energy Abundance Ministerial in Houston this week