Caracas, Venezuela - ExxonMobil, the US' largest oil company, on Monday confirmed it has reached a preliminary deal with Venezuela to begin evaluating opportunities for a return to the South American country.

The new deal, signed with Venezuela's interim government, is nonbinding but gives Exxon time to consider opportunities for oil production in the country less than a year after the Trump administration abducted President Nicolás Maduro.

"This memorandum is ​a meaningful first step, but any future investment would require stable policies, clear ⁠regulations, strong investment protections and competitive returns," Exxon said in a statement about the memorandum of understanding (MOU).

It is expected that ExxonMobil will, as a result of the deal – signed with Venezuelan state oil company PDVSA – perform a variety of tests and reviews of projects it could engage in to bring the company back to a country in which it has not operated for two decades.

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"We welcome you back," Venezuela's Interim President Delcy Rodriguez said during a signing ceremony broadcast by state TV station VTV, per Reuters. She expressed hope that the partnership would bring benefits to both Exxon and Venezuela.

It remains unclear which projects Exxon is considering, or where it's evaluating potential drilling opportunities. If it returns, it will be the first time it has operated in the country since its assets were expropriated by former President Hugo Chavez in 2007.

The decision to return to Venezuela comes as a surprise for Exxon, whose CEO Darren Woods in January called the country "uninvestable" even after Maduro's abduction.

"We've had our assets seized there twice, and so you can imagine to reenter a third time would require some pretty significant changes," Woods said during a meeting at the White House alongside President Donald Trump.