The African Energy Chamber (AEC) has signed a memorandum of understanding with Venezuela’s Ministry of People’s Power for Hydrocarbons and state oil company Petróleos de Venezuela, S.A. (PDVSA), establishing a framework for cooperation across the oil and gas value chain. 

The agreement, signed during an AEC delegation visit to Caracas, aims to strengthen collaboration in upstream development, gas commercialization, refining modernization and trade between African energy companies and Venezuela. The parties also plan to establish a joint working group to identify potential investment opportunities and develop project pipelines.

Discussions during the visit focused on potential collaboration in mature field rehabilitation in Venezuela’s Orinoco Belt, refinery upgrades at the Paraguaná and El Palito complexes, and expanding gas commercialization projects. Officials also examined opportunities to facilitate African operator participation through production participation contracts and joint ventures.

The agreement also includes provisions for increased energy trade, including potential flows of liquefied petroleum gas (LPG) and bitumen to African markets, as well as expanded cooperation in technical training and workforce development.

AEC Executive Chairman NJ Ayuk said the agreement is intended to strengthen energy investment and knowledge exchange between the two regions as Venezuela seeks to revitalize its oil and gas sector and African companies expand their international footprint.