Total, Equinor Exit Venezuela Venture Amid Foreign Exodus
- French energy giant said it will report a $1.4 billion charge
- Total, Equinor had been major partners with PDVSA since 1990s
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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.