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Venezuela and TotalEnergies signed a memorandum of understanding on Saturday, paving the way for the French company to return to operations in Venezuela. According to a government statement, Venezuela's acting President Rodrguez presided over the ceremony in Caracas, where PDVSA President Hctor Obregn and TotalEnergies Senior Vice President for the Americas Francisco Javier Lillo signed the energy cooperation agreement. The statement said that TotalEnergies subsidiary TotalEnergies E&P New Ventures will participate in energy projects. TotalEnergies and its partner Equinor withdrew from the Petrocedeno oil project in 2021 during a wave of foreign companies leaving. At the time, CEO Patrick Pouyann said the move was unrelated to Venezuela's political situation and instead aligned with the company's plan to reduce its carbon footprint.