Venezuela leader Rodriguez signs agreement with French Oil Company Total Energies
The deal is part of a wider push to draw foreign capital and technical expertise as Venezuela seeks to raise oil output.
- On Saturday, interim President Delcy Rodriguez oversaw the signing of an energy cooperation memorandum of understanding between PDVSA and a unit of TotalEnergies in Caracas, signed by PDVSA president Hector Obregon and TotalEnergies senior VP Francisco Javier Rielo.
- This agreement follows a broader push to attract foreign capital after the removal of Nicolas Maduro in January, with Rodriguez stating changes to Venezuela's hydrocarbons law approved earlier this year "provide a legal framework aimed at attracting new investment."
- Other agreements announced this month include deals with Italy's Eni and GE Vernova, while Chevron plans $7 billion investment to reach 600,000 barrels per day over seven years and North American Blue Energy Partners commits up to $100 billion across 17 Venezuelan oil projects.
- Venezuela holds approximately 303 billion barrels of proven oil reserves, the largest on Earth, yet years of underinvestment and ageing infrastructure have left production well below historical peaks, necessitating this capital influx and technical expertise.
- President Donald Trump has stated that agreements with Caracas could grant an American-backed venture control of about 65 billion barrels of Venezuelan oil, while suggesting the crude could replenish the U.S. Strategic Petroleum Reserve.
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Reformatorisch Dagblad
The French oil and gas group TotalEnergies is returning to Venezuela. The company signed an agreement with Venezuela this weekend for cooperation on energy projects.
The French oil and gas group TotalEnergies is returning to Venezuela. The company signed an agreement with Venezuela this weekend for cooperation on energy projects.
The document was signed by the president of PDVSA and a high representative of the company, but the details are unknown.
French oil and gas company returns to Venezuelan market
French oil and gas company returns to Venezuelan market — Bloomberg"Venezuela and the French oil and gas company TotalEnergies have signed a memorandum of understanding providing for the company's participation in the country's energy projects," the...
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