TotalEnergies E&P New Ventures and Venezuela’s state-owned oil company PDVSA have signed a memorandum of understanding covering strategic cooperation in the country’s hydrocarbons sector.
The agreement was signed in Caracas by PDVSA President Héctor Obregón and Francisco Javier Rielo, TotalEnergies Senior Vice President for the Americas. The ceremony was led by Venezuela’s acting President Delcy Rodríguez.
The memorandum could provide a route for TotalEnergies to resume activities in Venezuela, five years after the company began withdrawing from its former oil and gas interests in the country. However, neither party has disclosed the fields, projects or investment commitments covered by the agreement.
Details of any exploration, reservoir evaluation, field redevelopment or production programme have also not been released. The agreement should therefore be regarded as an initial cooperation framework rather than confirmation of a return to operations.
TotalEnergies previously held interests in Venezuela’s Petrocedeño extra-heavy oil project and the Yucal Placer gas field. Its latest agreement comes as Venezuela seeks international investment and technical expertise to rehabilitate mature assets and increase hydrocarbon production.
The memorandum is one of several recent agreements between PDVSA and international energy companies exploring potential participation in Venezuela’s oil and gas sector.
