The chief executive of French oil major TotalEnergies, Patrick Pouyanné, stated from Abu Dhabi that the company is “assessing” options to return to Venezuela, but “it's going to take some time to get a clear investment framework in place.”
“I know people want to invest quickly, but I understand that a clear framework will be needed to invest, and that will take time,” Pouyanné said during a session at the Abu Dhabi Sustainability Week (ADSW) summit, the first energy event of 2026 organized by Emirati renewables company Masdar.
Asked whether he is attracted by the opportunity to return to the South American country, Pouyanné said the company will study it, as it is “always evaluating,” but recalled that it was “forced” to leave several years ago because “the security conditions were not in place.”
“So, for me, the framework has to be clear, and we need to bring together several elements to invest,” he said, adding that the issue is not currently on the company’s agenda.
U.S. Energy Secretary Chris Wright said last week that there are “at least a dozen” companies ready to return to Venezuela following the U.S. military operation that led to the capture of President Nicolás Maduro.
Wright told Fox News that U.S. oil companies Chevron and Shell, Spain’s Repsol and Italy’s ENI would “immediately ramp up” their investment in Venezuela.
