French oil company TotalEnergies SE and Norway’s Equinor ASA decided to quit a key venture in Venezuela, adding to an exodus of foreign firms in recent years as the country’s energy industry has withered.
The will transfer to state-owned Petroleos de Venezuela SA, or PDVSA, stakes in the Petrocedeno oil production joint venture, TotalEnergies said in an emailed statement. TotalEnergies, which had a 30% stake, said the transaction will result in a $1.38 billion capital loss. The French company and Equinor, which held 10%, had been major partners with PDVSA since the 1990s.
