Venezuela Signs TotalEnergies Oil Memorandum as Human Rights Watch Returns

Venezuela’s acting president, Delcy Rodríguez, signed a memorandum of understanding with TotalEnergies, the French oil and gas major, on Saturday 19 September. Reuters reported the signing, citing local media, and said no details were immediately available.

It came a day after Human Rights Watch said it had made its first official visit to the country since 2008. Oil companies and rights monitors rarely move in step, yet in Caracas this week both were at the door.

An Oil Opening With No Numbers

The memorandum is the second foreign oil agreement involving Venezuela in a week. On 16 September Reuters reported that Continental, a US oil producer, signed an oil block deal with PDVSA, the state oil company.

TotalEnergies had kept its distance until now. Its chief executive said in January 2026 that returning to Venezuela was not high on the company’s agenda, Reuters reported.

A memorandum of understanding is a statement of intent, not a contract. Reuters gave no figures, no fields and no timeline, and TotalEnergies had not commented publicly by Sunday.

Venezuela holds the world’s largest proven oil reserves but produces a fraction of its potential. PDVSA lacks the capital and technical staff to reverse years of decline without foreign partners.

A European Major’s Long Absence

TotalEnergies was a partner in Petrocedeño, a heavy-oil venture in the Orinoco belt, until it handed its stake to PDVSA in 2021. It left as sanctions tightened and unpaid bills piled up.

Europe’s other big players took a different route. Spain’s Repsol and Italy’s Eni stayed through the crisis and took part of what they were owed in oil cargoes.

A signed memorandum therefore marks a change of tone from a company that had walked away. It does not yet show a change of commitment.

Human Rights Watch Ends an 18-Year Absence

Human Rights Watch said its delegation met Rodríguez and other officials in Caracas, in a release dated 18 September. It also met rights groups, opposition members, journalists, relatives of political prisoners and foreign diplomats.

The group said Venezuela needs to take urgent measures and carry out institutional reforms to protect people’s basic rights. That is a demand, not a certificate of progress.

Its last official presence ended in 2008, when Hugo Chávez’s government expelled two senior staff members after a critical report. Chávez ruled from 1999 until his death in 2013 and often clashed with foreign monitors.

Letting the group back in costs the government little and signals openness abroad. Whether it answers the group’s demands will show if the gesture is more than that.

Local groups such as Foro Penal have documented political prisoners in Venezuela for years. The group’s meetings with prisoners’ relatives suggest those cases were on its agenda.

Who Is Running Venezuela

Rodríguez is acting president under a Supreme Court order of 3 January 2026. She took over after Nicolás Maduro, in power since 2013, was taken to the United States.

She was Maduro’s vice-president and remains the most powerful figure in the government. Her authority rests on a court order rather than an election, which makes every foreign deal a test of her staying power.

A Week of Reopened Doors

On 19 September Paraguay’s president, Santiago Peña, visited Caracas and signed a joint statement to restore relations after a 20-month break. The Rio Times reported that visit on Saturday.

Earlier in the week, on 15 September, Alex Saab pleaded guilty in Miami to one count of money laundering conspiracy. Saab, a Colombian-born businessman accused of acting as a frontman for Maduro, agreed to forfeit US$195 million and cooperate with prosecutors.

Taken together, the week shows a government trying to reopen channels to Europe, to its neighbours and to foreign investors. None of it yet shows more oil, more money or more rights on the ground.

What It Means for Investors

For companies weighing a return, the absence of detail is the story. Without field names, investment figures or legal terms, the TotalEnergies memorandum cannot be valued or compared with past agreements.

The next signal would be a binding contract, a licence or a first cargo. Until then, the signing is as much a diplomatic gesture as an energy deal.

What to Watch Next

One test is whether TotalEnergies names a field, a production target or an investment figure. Another is whether Human Rights Watch publishes a fuller report and is allowed to return.

Saab’s cooperation with American prosecutors could also bring new disclosures about Maduro-era business, InSight Crime noted. For now, Caracas is collecting signatures faster than it is delivering results.

More: Venezuela news in English, every day from The Rio Times.

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Sources: Reuters, Venezuela leader Rodriguez signs agreement with French Oil Company Total Energies, 19 September 2026, Human Rights Watch, Venezuela: Reform Needed for Rights Progress, 18 September 2026, Reuters, Alex Saab, ally of Venezuela’s Maduro, to change plea in US corruption case, 15 September 2026, US Department of Justice, Maduro regime ally Alex Saab pleads guilty to money laundering scheme, 15 September 2026, Insight Crime, Alex Saab, 15 September 2026, Reuters, Continental signs Venezuela oil block deal with PDVSA, 16 September 2026, Reuters, TotalEnergies CEO says return to Venezuela not high on agenda, 13 January 2026