Venezuela's interim President Delcy Rodríguez signed a memorandum of understanding with TotalEnergies on Saturday, Reuters reported, citing local media. The terms have not been made public, including how much the French energy company plans to invest, where it will operate, or when work would begin.
The deal could mark TotalEnergies' return to Venezuela. According to the company's annual report, it handed its stake in the Petrocedeño project to state oil company PDVSA in 2021, sold its share of the Yucal Placer field in 2022, and gave up another license. It has held no assets in the country since.
TotalEnergies has not yet published a detailed statement on the agreement, and it remains unclear whether it will lead to direct investment, new exploration, or a return to its former projects.
The agreement is the latest in a string of deals between Caracas and foreign oil companies. Days earlier, U.S. firm Continental Resources signed a memorandum of understanding with PDVSA to jointly develop the Ayacucho 2 block in the Orinoco Belt, one of Venezuela's main oil-producing regions.
Rodríguez's government has been working to draw foreign investment into the oil sector since the United States ousted former President Nicolás Maduro in January 2026 and she took over as interim leader.
