The two companies started offshore E&P in Gambia in July 2006, PDVSA said in a statement, without specifying where in Gambia the E&P takes place.
Gambian President Yahya Jammed and Venezuela's energy and oil minister and PDVSA president Rafael Ramirez met to discuss the issue during a meeting.
The two reviewed existing supply agreements, aiming to eliminate intermediaries so PDVSA can directly supply the African country with fuels.
A Venezuelan delegation will arrive in Gambia "shortly" to define a schedule to carry out agreements, Ramirez said.
Gambia does not produce oil and consumes 2,000b/d, according to the CIA World Factbook.
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