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(Bloomberg) — Venezuela can lift oil output incrementally in the near term, but sweeping changes are needed to significantly revive the country’s production, according to the boss of one of the world’s oilfield services giants.
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Baker Hughes currently supplies pumps and chemicals to Chevron Corp. in Venezuela, the only US company operating there under a special license, and sees opportunities to provide power generation equipment for crude production.
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The two companies are in talks with the Trump administration, alongside others in the sector, about a plan to quickly boost the country’s output at a fraction of the estimated $100 billion cost of a complete rebuilding of the nation’s crude infrastructure. But major reforms are needed to spur investment.
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“As things open up, we’ll be open to going back in, as there’s the right regulatory framework, there’s the right safety, there’s the right protocols in place and also the security of payment,” Chief Executive Officer Lorenzo Simonelli said in an interview Thursday on the sidelines of his company’s annual meeting in Florence, Italy.
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Houston-based Baker Hughes also has a large installed base of equipment in the country from its history of working there, Simonelli said. He noted many Venezuelans on his workforce are keen to return home. But with Baker Hughes increasingly leaning into its industrial and energy technology business, investing in Venezuela will require patience.
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“It will take time and investment,” Simonelli said. “So if the right climate is there, the right environment, the right protocols, there’s no reason why over the course of the next five years there isn’t incremental production coming from Venezuela.”
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