The African Energy Chamber (AEC) has signed a broad Memorandum of Understanding (MoU) in Caracas with Venezuela’s Ministry of People’s Power for Hydrocarbons and state oil company Petróleos de Venezuela, S.A. (PDVSA), paving the way for closer collaboration across the oil and gas value chain.
The agreement was concluded at the end of a high-level working visit by the AEC delegation to the Venezuelan capital. It establishes a framework for long-term cooperation covering investment, technical collaboration, and knowledge exchange between African energy players and Venezuela’s hydrocarbon sector.
A key feature of the partnership is the creation of a Joint Working Group that will oversee the implementation of the agreement. The group will be responsible for defining priority projects, coordinating work plans and monitoring progress as the two sides move toward practical cooperation.
According to NJ Ayuk, Executive Chairman of the African Energy Chamber, the visit was designed to move beyond dialogue toward concrete action.
“This visit was about turning discussions into coordinated action,” Ayuk said. “The MoU signed in Caracas is not just symbolic. It provides a practical framework that aligns Africa and Venezuela on investment opportunities, trade partnerships and training initiatives. What we achieved this week lays the foundation for long-term collaboration.”
A Strategic Hydrocarbon Partnership
The agreement followed a series of meetings between the AEC delegation and senior Venezuelan energy officials, including the country’s Deputy Minister of Hydrocarbon Geopolitics, the Deputy Minister of Gas and executives from PDVSA.
During the discussions, both sides developed a 12-month action plan aimed at revitalising Venezuela’s hydrocarbon sector while opening opportunities for African investors and operators.
Key areas identified for cooperation include:
- rehabilitation of mature oil fields in the Faja del Orinoco
- refinery upgrades at Paraguaná and El Palito
- development and commercialisation of natural gas
- structured entry pathways for African energy companies through production participation contracts and joint ventures.
The talks also explored opportunities for structured energy trade between both regions, including potential exports of LPG and bitumen to African markets.
Expanding South-South Energy Cooperation
The visit emphasised the growing importance of South-South energy partnerships, with both Africa and Venezuela seeking solutions to similar development challenges such as energy poverty, infrastructure gaps and industrialisation.
Rather than focusing on short-term transactions, both parties highlighted the need for long-term institutional cooperation that supports cross-continental investment, technology exchange and energy supply chains.
Venezuela holds some of the world’s largest hydrocarbon resources, including an estimated 300 billion barrels of oil reserves, alongside significant natural gas deposits. These assets present opportunities for African energy companies experienced in heavy crude, offshore production and gas development.
The African Energy Chamber said it will help facilitate partnerships between African firms and Venezuelan stakeholders looking to attract investment and technical expertise.
Training and Skills Development
Beyond commercial opportunities, the visit also highlighted the importance of building human capacity in the energy sector.
Discussions with institutions such as the Universidad Venezolana de los Hidrocarburos explored the development of specialised training programmes for African energy professionals.
The proposed initiatives aim to strengthen technical knowledge, improve regulatory capabilities and promote local content development across African oil and gas markets.
The AEC said the programmes will support long-term exchanges involving petroleum engineers, geoscientists and energy executives from both regions.
Linking Cooperation to African Energy Week
Outcomes from the Caracas mission also align with the broader agenda of African Energy Week (AEW), the continent’s leading energy investment event. AEW brings together policymakers, national oil companies, investors and service providers to drive deals and partnerships within the sector.
The AEC noted that the Venezuela engagement reflects Africa’s expanding role in global energy diplomacy and signals a shift toward more diversified and mutually beneficial international partnerships.
