PDVSA, African Energy Chamber sign MoU to boost oil and gas investment

Venezuela’s state oil company PDVSA and the country’s Ministry of Hydrocarbons have signed a memorandum of understanding with the African Energy Chamber (AEC) aimed at strengthening cooperation and investment across the oil and gas value chain. 

The agreement, signed in Caracas during a working visit by AEC representatives, establishes a framework for collaboration in upstream development, refining, technical training and joint investment promotion.

Under the MoU, the parties will explore joint studies on crude and natural gas market dynamics, share technical expertise in exploration and production, and evaluate opportunities in refining, infrastructure rehabilitation and commercialization. The agreement also calls for exchanges on regulatory best practices and coordinated outreach activities, including seminars and training programs.

A joint working group will be formed within 60 days to define work plans, identify specific projects and oversee implementation. Focus areas are expected to include exploration, commercialization and technical capacity building.

The agreement reflects Venezuela’s efforts to broaden international energy engagement as it seeks to stabilize and expand hydrocarbon production, while the African Energy Chamber positions the partnership as part of broader South–South energy cooperation.