TotalEnergies signed a memorandum of understanding with Venezuela’s government on Sept. 19, potentially setting up a return after its 2021 exit. Financial and production terms remain undisclosed; a hydrocarbons ministry official said the agreement includes the Travi field.
CEO Patrick Pouyanne said in January that adding 100,000 or 200,000 barrels per day of Venezuelan production could be feasible. Travi produces light crude sent to local refineries and used as a diluent for extra-heavy crude.
TotalEnergies left the Petrocedeno joint venture in 2021 and took a $1.38 billion write-down. Interim President Delcy Rodriguez said a hydrocarbons law approved earlier this year provides reliable legal conditions for investors. The framework remains largely untested, however, and political and regulatory uncertainty persists; bringing new fields online will require substantial drilling, maintenance and infrastructure spending, with delays or cost overruns a risk.
