Venezuela signed a memorandum of understanding with TotalEnergies on Saturday to pave the way for the French group's return to the country's oil operations, the government said. The ceremony in Caracas saw the agreement signed by the head of Venezuel

2026-09-20

Venezuela signed a memorandum of understanding with TotalEnergies on Saturday to pave the way for the French group's return to the country's oil operations, the government said. The ceremony in Caracas saw the agreement signed by the head of Venezuela's state oil company (PDVSA) and TotalEnergies' Americas senior vice president; TotalEnergies said subsidiary TotalEnergies E&P New Ventures will participate in the energy projects. TotalEnergies and partner Equinor withdrew from the Petrocedeno project in 2021 during a wave of foreign exits; CEO Patrick Pouyanné said at the time the withdrawal reflected the company's carbon-reduction strategy rather than Venezuela's political situation.