Venezuela’s state oil company PDVSA and the country’s Ministry of Hydrocarbons have signed a memorandum of understanding with the African Energy Chamber (AEC) aimed at strengthening cooperation and investment across the oil and gas value chain.
In recent years, Colombia’s oil production and reserves have been in decline and interest in investing in the country’s crude seemed limited in the post-pandemic landscape. In addition, President Petro has been vocal about supporting a green transition and restricting investment in new fossil fuel projects. However, in recent months, there has been a renewed interest in developing exploration and production.