ExxonMobil is negotiating a possible return to Venezuela after 19 years and could reach a non-binding memorandum of understanding with state oil company PDVSA to assess investments in producing and prospective fields holding an estimated 50 billion barrels of crude. The company is seeking to regain operational authority over Petrovictoria and Petromonagas in the Orinoco Belt, assets nationalized under then-President Hugo Chávez, and is also pursuing rights to two sites in the adjacent Carabobo area. Talks remain fluid, may continue beyond September or end without an agreement, and follow ExxonMobil negotiating visits to Caracas this year and planned discussions at the G-20 Energy Abundance Ministerial in Houston. Venezuela estimates its total oil reserves at about 300 billion barrels. The prospective return comes as President Trump encourages U.S. investment in Venezuela's depleted oil infrastructure. Chevron finalized a $7 billion Venezuelan investment agreement in September, targeting output of 600,000 barrels a day, while Continental Resources reached a preliminary exploration agreement for an Anzoátegui field. ExxonMobil and ConocoPhillips still seek compensation for losses from Venezuela's 2007 asset seizures, underscoring the legal and political risks surrounding any investment.