API: Reviving Venezuela's Oil Sector Will Be Long, Multi-Billion Dollar Process [View all]
American Petroleum Institute (API) CEO, Mike Sommers, alongside other industry leaders like TotalEnergies' (NYSE:TTE) Patrick Pouyanne, have warned that reviving Venezuela's oil industry will be a long, costly, multi-billion dollar process requiring clear legal frameworks, strong investment security, and significant infrastructure amid political pushes for quick returns.
While small production increases (100k-200k bpd) might happen sooner, especially from areas like Lake Maracaibo where Chevron (NYSE:CVX) operates, the energy leaders have emphasized that a significant boost requires massive, long-term investment.
Companies will need stable, legally defined frameworks, security for investments (including protection from expropriation), and clear commercial terms before committing major capital. President Trump has urged U.S. oil majors to invest up to $100 billion to revitalize Venezuela's vast reserves, seeing it as a way to lower global energy prices.
https://oilprice.com/Energy/Crude-Oil/API-Reviving-Venezuelas-Oil-Sector-Will-Be-Long-Multi-Billion-Dollar-Process.amp.html
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