Brazil will send its mines and energy minister to Venezuela later this year, President Luiz Inácio Lula da Silva said on Wednesday, after his first in-person meeting with Venezuela’s interim president, Delcy Rodríguez, on the sidelines of the COP31 climate conference in Antalya, Turkey.

The two leaders discussed expanding Brazilian investment in Venezuela’s oil sector, as well as the resumption of bilateral diplomatic and commercial relations, trade in vehicles and possible partnerships in oil and energy, Lula said in a post on X. Brazil had already sent medicines and health supplies to Venezuela after an earlier phone call between the two leaders.

Petrobras eyes a return after 19 years

The meeting comes as Brazil’s state-run oil company Petrobras has signalled interest in re-entering Venezuela. Its chief executive, Magda Chambriard, said in May that Venezuela was on the company’s radar. Petrobras last operated in Venezuela in 2007, when the government of the late President Hugo Chávez converted foreign-operated oil contracts into joint ventures controlled by the state oil company PDVSA.

Venezuela holds the world’s largest proven crude oil reserves but produces well below the levels of a decade ago. The head of PDVSA has said the country’s oil production will reach 1.5 million barrels a day by the close of 2027. Since the removal of President Nicolás Maduro by US forces in January, Venezuela has been reopening its energy sector to foreign investment with the backing of the United States.

ExxonMobil has also moved to re-enter the country. The US oil producer signed a preliminary, non-binding agreement with the Venezuelan government and PDVSA on Monday in Caracas, in the presence of Rodríguez, allowing it to evaluate seven areas for development, Reuters reported, citing people close to the matter. Under the pact, Exxon has exclusive rights for one year to negotiate contract terms and view subsurface data for the fields.

A thaw after years of strain

Relations between Brazil and Venezuela were strained after Venezuela’s disputed 2024 election, and Wednesday’s meeting marked a gradual resumption of ties. Lula, who was re-elected in October, is attending COP31 in Turkey before travelling to the Philippines for the ASEAN summit, while Brazil hands the COP presidency to Turkey and Australia.

For Venezuela, the Brazilian outreach is part of a wider effort to attract foreign capital into its oil industry, with the interim government pushing an oil reform this year that has opened the sector to newcomers. For Brazil, a return by Petrobras would reopen a market it left almost two decades ago, at a time when Lula is also promoting Brazil’s energy transition and its record on cutting deforestation at the climate summit. Whether the minister’s visit turns into concrete deals will depend on the terms Venezuela offers and on Washington, which remains the decisive outside player in the country’s oil opening.

Sources: Reuters and SAGIRE.