TotalEnergies signs deal paving way for return to Venezuela

TotalEnergies has signed a cooperation agreement with the Venezuelan government, potentially paving the way for the company to return to operations in the country. The memorandum of understanding was signed in Caracas by Petroleos de Venezuela President Héctor Obregón and TotalEnergies senior vice president for the Americas Francisco Javier Rielo.

While specific projects and investment amounts were not disclosed, the agreement aims to bring TotalEnergies E&P New Ventures into energy projects in Venezuela. The move comes after changes to Venezuela’s hydrocarbons law, which has established legal conditions to attract new investment following the U.S. removal of former President Nicolás Maduro.

The agreement follows a series of moves to bring international energy companies back into Venezuela, including a partnership between Venezuela and the U.S. involving Chevron, Eni, and GE Vernova aimed at increasing crude production. TotalEnergies previously withdrew from Venezuela in 2021 due to the company's plans to reduce its carbon footprint, not political reasons.

Brief written by urgent.news from Investing.com's own syndicated text. Machine-written — may contain errors; check the original before relying on it.