Venezuela’s state oil company Petróleos de Venezuela S.A. (PDVSA) and the African Energy Chamber (AEC) signed a strategic Memorandum of Understanding (MoU) this week as part of efforts to deepen energy cooperation and attract investment across the hydrocarbon value chain.
The agreement, inked in Caracas during a high‑level AEC delegation visit, establishes a formal framework for long‑term collaboration between Venezuela’s Ministry of People’s Power for Hydrocarbons, PDVSA and the AEC, the continent’s leading energy industry voice. It sets in motion structured mechanisms to support joint initiatives in upstream oil and gas development, refining, technical training, and investment promotion.
At the heart of the pact is a commitment to exchange technical expertise, regulatory perspectives and best practices, alongside identifying and advancing joint projects of mutual interest. The partners will coordinate studies on hydrocarbon market dynamics, share technology related to exploration and refining, and design sustainable environmental management strategies. A Joint Working Group convened within 60 days will define work plans, prioritize specific projects and monitor progress.
“This MoU reflects a shared vision between Africa and Venezuela to strengthen cooperation across the hydrocarbons value chain and ensure that producers work more closely together,” said NJ Ayuk, Executive Chairman of the AEC. “By combining Venezuela’s technical expertise with Africa’s dynamic growth and investment landscape, we are creating a structured platform for knowledge exchange, joint project development and long‑term collaboration that supports energy security, industrialization, and sustainable development.”
The agreement also envisages coordinated outreach programs, including seminars, joint publications, training programs and site visits aimed at promoting investment in both onshore and offshore assets. The MoU highlights the potential for Africa’s role in Venezuela’s ongoing energy recovery strategy, providing entry points for African capital, operators and service providers while amplifying the continent’s participation in global energy markets.
For Venezuela, the partnership comes amid broader reforms aimed at revitalizing its oil sector. In recent weeks, the government suspended 19 production‑sharing contracts signed under previous administrations and is reviewing them under updated hydrocarbons law provisions designed to attract foreign investment.
