Exxon Mobil and several international energy firms are nearing final agreements in Venezuela, according to Reuters. The deals follow months of negotiations and aim to provide foreign companies with greater operational flexibility.
The new terms allow firms to expand oilfield operations and manage their own exports. Companies will also gain direct control over sale proceeds.
These agreements are part of a six-month migration of oil contracts under Venezuela’s amended hydrocarbon law. Shares of involved companies, including Exxon Mobil, climbed during Monday’s overnight trading session.
Sources report that upcoming agreements for competitor Chevron are expected to be significant in size.