Venezuela’s PDVSA Signs Energy Cooperation Deal with TotalEnergies
Date: September 20, 2026
Time: 11:00 AM GMT+03:00
Venezuela’s state-run oil company, PDVSA, has entered into a cooperation agreement with TotalEnergies E&P New Ventures, a subsidiary of the French energy giant TotalEnergies. The signing took place at Miraflores Palace in Caracas, overseen by Acting President Delcy Rodriguez. Key figures in this agreement include PDVSA President Hector Obregon and TotalEnergies’ Senior Vice President for the Americas, Francisco Javier Rielo.
Key Details:
- The specific projects, investment commitments, and financial terms of the agreement remain undisclosed.
- TotalEnergies is seeking to renew commercial operations in Venezuela after its previous exit from the country’s oil sector.
In April, discussions between TotalEnergies and PDVSA advanced towards finalizing trading contracts concerning Venezuelan heavy crude, with some products reportedly headed for TotalEnergies’ Port Arthur refinery in Texas. This facility processes up to 238,000 barrels of crude daily.
Strategic Implications:
The agreement is part of a broader initiative by Venezuela’s government to attract foreign investment in the energy sector following significant political shifts in the country. In January, Rodriguez announced reforms to the Organic Hydrocarbons Law aimed at enhancing investment and legal security. Subsequent agreements have been reached with various multinational energy firms, including BP and Geopark.
The timing of this agreement comes shortly after a significant U.S.-Venezuelan oil arrangement that grants North American Blue Energy Partners (NABEP) majority control over a vast portion of Venezuela’s oil reserves, positioning the U.S. for increased involvement in the nation’s oil production.
Venezuelan Acting President Delcy Rodriguez oversees the signing of an energy cooperation agreement with PDVSA and TotalEnergies on Sept. 19, 2026.
The evolving landscape of energy partnerships in Venezuela reflects the nation’s efforts to revitalize its oil industry amid changing geopolitical dynamics.
