TotalEnergies signed an energy cooperation agreement with Venezuela’s state-run oil company, PDVSA. This memorandum of understanding establishes a framework for the French firm’s potential return to the country's energy sector.
A TotalEnergies senior vice president and the head of PDVSA signed the agreement in Caracas. The companies have not yet disclosed specific investment figures or project details.
The move reverses TotalEnergies' 2021 decision to exit its oil and gas investments in the nation. Venezuela is currently seeking foreign capital to increase its domestic oil production amid a broader trend of returning international energy firms.