The agreement includes the Travi field after the company wrote down $1.38 billion in 2021.
TotalEnergies signed a memorandum of understanding with the Venezuelan government on September 19 to prepare a potential return to the country. No financial or production terms have been officially disclosed for the deal with state-owned PDVSA.
An official from the Ministry of Hydrocarbons revealed that the agreement includes the Travi oil field. Unlike extra-heavy crude from the Orinoco Belt, Travi yields light crude oil that is sent to domestic refineries and used as diluent.
The French company had withdrawn from Venezuela in 2021 when it exited the Petrocedeno joint venture, recording a $1.38 billion write-down. CEO Patrick Pouyanne noted in January that adding 100,000 to 200,000 barrels per day of Venezuelan output could be feasible.
Venezuela holds roughly 17% of global proven crude reserves. Interim President Delcy Rodriguez stated at the signing ceremony that a hydrocarbons law passed earlier this year provides reliable legal conditions for foreign operators to manage field operations, crude exports, and sales proceeds.
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