TotalEnergies has signed an energy cooperation agreement with Venezuela, in a move that could pave the way for the French major to resume operations in the OPEC member after exiting its Venezuelan assets more than five years ago.
The memorandum of understanding was signed Saturday in Caracas. TotalEnergies E&P New Ventures will take part in energy projects under the accord, though specific project details and investment figures were not disclosed, according to the company.
TotalEnergies and Norway's Equinor previously pulled out of the Petrocedeno oil project in 2021. At the time, CEO Patrick Pouyanne said the withdrawal was linked to the company's carbon-footprint reduction plans rather than political conditions. TotalEnergies also exited Venezuelan natural-gas operations by giving up its majority stake in YPergas.
Venezuela's acting president, Delcy Rodríguez, said earlier changes to the country's hydrocarbons law established new legal conditions to attract investment. She made the remarks following a meeting with TotalEnergies Senior Vice President for the Americas Francisco Javier Rielo and Petroleos de Venezuela President Héctor Obregón.
The agreement comes amid broadening interest from Western firms in Venezuela's energy sector. U.S. Energy Secretary Chris Wright said recent partnerships involving Chevron, Eni and GE Vernova represent "tens of billions" of dollars in potential investment. The U.S. government negotiated a 35 percent stake in North American Blue Energy Partners, according to the source.
The signatories included representatives from both TotalEnergies and Venezuela's state-run oil company. No further financial terms were released.
