{"text":[[{"start":7.72,"text":"ExxonMobil signalled it planned to return to Venezuela after 19 years, months after chief executive Darren Woods said the Latin American nation was “uninvestable”."}],[{"start":17.692,"text":"The US oil company on Monday said it had signed a memorandum of understanding with the country after exiting its exploration and production positions there nearly two decades ago."}],[{"start":26.04,"text":"“We welcome the opportunity to evaluate potential upstream opportunities with the Venezuelan government and PDVSA,” said Exxon, referring to the state oil company."}],[{"start":35.48,"text":"“This memorandum is a meaningful first step, but any future investment would require stable policies, clear regulations, strong investment protections and competitive returns.”"}],[{"start":45.08,"text":"MOUs are generally nonbinding."}],[{"start":48.56,"text":"Exxon joins Harold Hamm’s Continental Resources in potentially deepening its presence in the country as Washington exerts increasing control over the sector following the US military’s capture of president Nicolás Maduro in January."}],[{"start":61.623,"text":"US President Donald Trump has encouraged producers to expand operations in Venezuela as his government pursues a US-led sphere of influence with vast energy resources."}],[{"start":72.68,"text":"Exxon had initially been sceptical of investing in the Latin American nation following Maduro’s capture. In January, Woods said “significant changes” would have to be made to the country’s commercial and legal system."}],[{"start":83.16,"text":"“There has to be durable investment protections, and there has to be change to the hydrocarbon laws in the country,” he said."}],[{"start":89.96,"text":"Earlier this year, Venezuela’s National Assembly passed a hydrocarbons law opening up the socialist country’s oil sector to private companies and undoing a quarter century of state dominance."}],[{"start":101.04,"text":"During the company’s third-quarter results call on October 30, Woods cautioned against “exuberance” with regard to investing in Venezuela and that he was not in a rush."}],[{"start":109.52,"text":"“There is progress being made on those areas, working on fiscal regimes, working on legal regimes, working on investor protections. Number of things that are kind of in progress, but there’s a way to go,” he said."}],[{"start":120.72,"text":"Other companies have moved beyond MOUs. Chevron, which never left Venezuela, said it would double its oil production in the country over the next five years in a $7bn plan. Eni and General Electric also announced deals in the country."}],[{"start":137.96,"text":"Following Maduro’s removal, the Trump administration backed his deputy, Delcy Rodríguez, to lead the country and oversee economic and political reforms."}],[{"start":147.28,"text":"Rodríguez has opened up Venezuela’s resources sector to US investment, including signing an unusual deal that gives the Pentagon a 35 per cent stake in a company that controls a substantial portion of Venezuela’s oil reserves."}],[{"start":166.44,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1794278934_5797.mp3"}