TotalEnergies Signs Energy Cooperation Deal With Venezuela

Interim President Delcy Rodriguez signed a memorandum of understanding with the French oil and gas company TotalEnergies on Saturday in Caracas. The agreement marks a potential return for the French major, which had exited its Venezuelan investments several years ago. The deal was signed by TotalEnergies senior vice president Francisco Javier Rielo and Petróleos de Venezuela S.A. President Héctor Obregón.

While specific project details and investment amounts remain undisclosed, TotalEnergies E&P New Ventures will participate in energy projects under the agreement. Rodriguez attributed the renewed corporate interest to modifications in hydrocarbons laws intended to attract foreign capital after the United States removed former President Nicolás Maduro from power in January.

This partnership is part of a broader strategy to increase crude production from Venezuelan reserves. The government has recently established similar partnerships with Eni, GE Vernova, and Chevron. U.S. Energy Secretary Christopher Wright stated that these collective efforts represent "tens of billions" of dollars in potential investment.