PDVSA signs oil development agreements with Continental Resources and TotalEnergies

Petróleos de Venezuela (PDVSA) has entered into new agreements with international energy firms to expand hydrocarbon operations. Continental Resources has signed an agreement to operate and develop approximately 51,000 hectares in the Orinoco Belt, a region containing significant oil reserves. Continental CEO Doug Lawler noted that while operations could begin within six months of signing, the timeline remains uncertain due to logistical challenges and the need for significant capital investment in infrastructure.

Additionally, PDVSA signed a memorandum of understanding with TotalEnergies E&P New Ventures, a subsidiary of the French company TotalEnergies, for strategic cooperation in hydrocarbons. The signing ceremony in Caracas was attended by Venezuelan acting president Delcy Rodríguez. TotalEnergies has previously indicated interest in developing commercial schemes to transport heavy crude from Venezuela to the U.S. Gulf Coast, specifically for processing at its Port Arthur refinery in Texas.