Venezuela and TotalEnergies Agree on Energy Cooperation

Venezuela signed a Memorandum of Understanding with Total Energies to enhance cooperation in the oil sector. This move comes as part of the interim government's efforts to restructure the industry and attract foreign investments. The agreement is part of a series of legal amendments and reforms aimed at increasing production and developing infrastructure. Venezuela plans to raise its oil output to more than 1.5 million barrels per day through long-term agreements with international companies, up from the current production of approximately 1.25 million barrels per day. This step seeks to restore the capabilities of the oil sector and boost its output, alongside efforts to stimulate foreign investment and improve the management of oil resources.

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