Venezuelan and Trinidadian oil groups sign alliance

The Venezuelan Petroleum Chamber and the Trinidad and Tobago Energy Chamber signed a letter of intent on October 27, 2026, to create a business cooperation alliance, according to AlbertoNews. The agreement was signed in Caracas by Álvaro Pérez Díaz, president of the Venezuelan association, and Priya Marajh, executive director of the Trinidadian chamber, on the sidelines of the Venezuela International Oil and Gas Summit.

The instrument sets out a joint framework focused on developing technical workshops, institutional events and the exchange of industry information. The main goal of both organizations is to strengthen the capacity of member companies that provide goods and services to the hydrocarbons industry, promoting greater channels of integration between the two countries.

The initiative seeks to prepare the local network of suppliers for possible development projects in the region. In that context, according to El Nacional, official projections announced by the Venezuelan government estimate investments of $76 billion in the oil and gas sectors over the next five years. The association aims to improve local technical capabilities in case these official investment targets materialize in the market.

For small and medium-sized oilfield service companies, the alliance represents a mechanism to access knowledge transfer and best operating practices. Industrial cooperation between the two neighboring countries seeks to raise the competitiveness of the regional supply chain in the face of the energy sector's requirements.