African Energy Chamber, Venezuelan petroleum authorities sign MoU to drive energy investment, collaboration

Venezuela’s leading petroleum authorities have signed a memorandum of understanding (MoU) with the African Energy Chamber (AEC), establishing a formal framework for long-term collaboration in hydrocarbons. 

The agreement was signed by the ministry of people’s power for hydrocarbons of Venezuela and the country’s state-owned oil corporation, Petróleos de Venezuela SA (PDVSA), during a recent 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,” the AEC said in a press statement.

The MoU highlights Africa’s rising importance in global oil and gas markets and OPEC member Venezuela’s long experience as a major producer. It aims to deepen cooperation by sharing knowledge, data and practical experience, while developing joint projects.

The partners will study hydrocarbon markets, exchange technology for exploration, production and refining, and promote environmental management and pathways to energy access. The agreement also supports regulatory cooperation across the oil and gas value chain, investment frameworks, training programmes and joint efforts to improve infrastructure and asset performance.

“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,” said AEC’s executive chairman NJ Ayuk.

“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, industrialisation and sustainable development.”

To try and deliver concrete results, the MoU sets out defined implementation arrangements. According to the AEC, a joint working group will be created within 60 days of the signing, made up of representatives from both sides. The group will prepare work plans, select priority projects and monitor progress and assess outcomes. Its key focus areas will cover oil and gas exploration, resource commercialisation and technical training.

Furthermore, the parties agreed to align their positions on oil sector matters within the context of global development goals, suggesting a joint commitment to pragmatic, balanced dialogue on 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,” the AEC said in the statement.

“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.”