Overview
- At an Abu Dhabi energy conference, TotalEnergies CEO Patrick Pouyanné said Venezuela is not a priority and any return hinges on a predictable framework for private capital.
- ExxonMobil chief Darren Woods labeled the country “not investible,” reinforcing industry reluctance despite President Trump’s call for a rapid rebuild following Maduro’s capture.
- Pouyanné estimated that adding 1 million barrels per day would cost about $100 billion, with only 100,000–200,000 barrels per day feasible in the near term.
- Venezuela currently produces around 1 million barrels per day, far below historic levels above 3.5 million, and executives say reaching 3 million would take years.
- Chevron remains the lone major U.S. operator under a special license, highlighting how sanctions and legal assurances will determine who can return.