Interim President Delcy Rodríguez signed a memorandum of understanding with French oil and gas company TotalEnergies on September 19, according to local media. This agreement is part of a series of oil deals between multinational companies and Venezuela's new government, following the U.S.-backed change in leadership earlier this year. No specific details about the TotalEnergies deal were immediately available.
This agreement with TotalEnergies follows recent high-profile oil pacts with companies such as Chevron, Eni, and GE Vernova. These deals are part of U.S.-facilitated reforms designed to boost oil output and modernize infrastructure in Venezuela. For example, Chevron plans to invest $7 billion over the next five years to more than double its crude production in Venezuela. ExxonMobil is also in talks to return to the country, showing interest in the Petromonagas heavy oil project and areas in the Carabobo block.
The flurry of these agreements builds on a controversial U.S.-Venezuela pact that grants access to 17 oil fields and aims for over 1.5 million barrels per day in production over 25 years, potentially generating $209 billion in state revenue. However, critics have raised concerns about the legitimacy of these agreements, particularly regarding their duration—with U.S. sources suggesting 100 years and the Venezuelan government stating 25 years. There are also ongoing fears about sovereignty, transparency, and the long-term benefits of these deals for Venezuela.
