Venezuela and TotalEnergies sign memorandum of understanding to advance energy cooperation

Venezuela and TotalEnergies signed a memorandum of understanding on Saturday, paving the way for the French company's return to operations in Venezuela. According to a government statement, Venezuela's acting President Rodríguez presided over the ceremony in Caracas, where Héctor Obregón, president of the Venezuelan National Petroleum Company, and Francisco Javier Llelo, Senior Vice President of TotalEnergies Americas, signed the energy cooperation agreement. The statement noted that TotalEnergies subsidiary TotalEnergies E&P New Ventures will participate in energy projects. TotalEnergies and its partner Equinor withdrew from the Petrocedeno oil project in 2021 during a wave of foreign company exits. At the time, CEO Patrick Pouyanné stated that this move was unrelated to the political situation in Venezuela, but rather aligned with the company's plan to reduce its carbon footprint.