TotalEnergies SE has signed a memorandum of understanding with Venezuela's government, laying the groundwork for a potential return to the country after an absence since 2021. No financial or production details of the agreement were disclosed at the signing ceremony in Caracas on September 19. The French oil giant had withdrawn from the Petrocedeno joint venture in the Orinoco Belt in 2021, taking a $1.38 billion write-down. CEO Patrick Pouyanne said in January that adding 100,000 or 200,000 barrels per day of production from Venezuela could be feasible, and an official from the Ministry of Hydrocarbons said one field included in the agreement is Travi, which produces light crude used as a diluent for extra-heavy crudes. The deal follows a flurry of oil agreements between multinational companies and Venezuela's new government after the ouster of former president Nicolas Maduro in January, with President Trump pushing international operators to revive the country's ageing oil infrastructure.
TotalEnergies SETotalEnergies signed an MOU with Venezuela's government paving the way for a return to oil production, potentially adding 100,000-200,000 bpd.
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