AFP
In Houston, the venue this week for Ceraweek, the largest global oil gathering, Secretary of Energy Chris Wright assured that after the capture of Nicolás Maduro on January 3 in an armed US incursion, they have made Venezuela "behave better." After Maduro's fall, Trump announced Caracas' opening to investments, gas, and mining. However, skepticism persists among executives.
TL;DR
- Major oil companies are sending assessment teams to Venezuela to evaluate infrastructure and investment potential.
- Executives express skepticism due to lingering legal ambiguities and the scale of investment needed.
- Venezuela's oil production has significantly declined due to disinvestment, sanctions, and infrastructure neglect.
- A new hydrocarbons law aims to attract private capital, but challenges remain.
- Restoring production to previous levels will require substantial investment in infrastructure and potentially the return of skilled workers.
- Opposition leader María Corina Machado proposes a 100% private oil sector with the state in a regulatory role, projecting a potential production of 5 million barrels daily with significant investment.