Venezuela Signs TotalEnergies Energy Memorandum Amid Investment Push

Venezuela’s acting President Delcy Rodríguez oversaw the signing of a memorandum of understanding between state oil company PDVSA and France’s TotalEnergies as Caracas seeks to revive its energy industry and attract foreign investment. The agreement was signed in Caracas on September 19, but its scope, investment commitments and implementation timeline were not disclosed. Rodríguez said reforms to Venezuela’s hydrocarbons law provide a legal and regulatory framework for international capital, as the government pursues a broader series of partnerships with multinational energy companies. The deal follows the removal of Nicolás Maduro in January and comes amid increased U.S. involvement and interest in Venezuela’s oil and gas sector.