-The partnership deepens energy investment and cooperation by opening pathways for collaboration across oil, gas, refining and broader energy market development.
Venezuela’s leading petroleum authorities have signed a Memorandum of Understanding (MoU) with the African Energy Chamber (AEC) – the voice of the African energy sector – aimed at strengthening investment and collaboration across the oil, gas and broader energy sector. The agreement was signed by the Ministry of People’s Power for Hydrocarbons of the Bolivarian Republic of Venezuela and the country’s state-owned oil corporation Petróleos de Venezuela S.A. (PDVSA), establishing a formal framework for long-term cooperation across the hydrocarbon value chain. Signed in Caracas during a high-level working visit by the AEC, the agreement lays the foundation for structured collaboration in upstream development, refining, training and joint investment promotion, reinforcing a shared vision of deeper integration in the energy sector.
Collaboration as a Catalyst for Energy Investment and Development
The MoU recognizes Africa’s growing strategic role in global oil and gas markets as well as Venezuela’s longstanding experience as a major hydrocarbon producer. The primary purpose of the agreement is to strengthen cooperation through the exchange of experiences, perspectives, information and best practices, while identifying and advancing joint projects of mutual interest.
Areas of cooperation include joint studies on liquid and gaseous hydrocarbon market dynamics; technology associated with exploration, production and refining; sustainable environmental management; and pathways to guarantee universal access to energy. The parties will also exchange regulatory and institutional best practices, evaluate successful case studies and promote enabling frameworks that facilitate investment across the value chain.
The MoU further provides for coordinated outreach activities, including joint publications, seminars, training programs and site visits, with a specific focus on promoting investment in upstream and midstream assets. Importantly, the agreement outlines plans to evaluate initiatives for asset rehabilitation, infrastructure development and improved commercialization mechanisms.
“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. By combining Venezuela’s deep technical experience 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,” states NJ Ayuk, Executive Chairman of the AEC.
Institutional Mechanisms and Implementation
To ensure tangible outcomes, the MoU establishes clear implementation mechanisms. A Joint Working Group will be formed within 60 days of the signing, composed of representatives from each party. The Working Group will define work plans, identify specific projects, review progress and evaluate results. Focus areas will include exploration, commercialization and technical training. The parties also agreed to coordinate positions on oil industry issues in the context of global development goals, reflecting a shared commitment to realistic, balanced discussions around hydrocarbons and sustainable growth.
For Africa, the MoU represents a strategic expansion of the continent’s energy diplomacy and commercial footprint, positioning African companies, investors and technical experts as active participants in one of the world’s largest hydrocarbon provinces. It reinforces Africa’s role not only as a destination for capital, but as a source of expertise, structured investment and leadership in oil and gas development. For Venezuela, the agreement strengthens its international engagement at a pivotal moment in its production recovery strategy, opening structured channels to African capital, operators and service providers while amplifying its energy narrative across the continent through the AEC’s institutional and industry platforms.
*African Energy Chamber
