Venezuela Is a ‘Massive Opportunity’ for the Oil Sector, Weatherford CEO Says
(Bloomberg) -- Weatherford International Plc, one of the world’s biggest oil service providers, called Venezuela a “massive opportunity” for the industry following the US capture of the Caribbean nation’s leader, Nicolás Maduro.
“It’s the most interesting development that’s happened in our industry in a long period of time,” Weatherford Chief Executive Officer Girish Saligram told investors Tuesday at the Goldman Sachs Energy, CleanTech & Utilities Conference in Miami. “It’s a huge market.”
His comments are among the first from major oil executives expressing interest in returning to the Venezuela, which has the world’s largest crude reserves, since a US operation captured the strongman late last week. Most Western oil companies have steered clear of the country after Maduro’s predecessor Hugo Chávez nationalized many of their assets in the mid-2000s.
President Donald Trump has said that US oil companies will spend billions of dollars to rebuild Venezuela’s crumbling energy infrastructure. That could potentially offer a source of growth for companies such as Weatherford, which is among a handful of global contractors who previously worked in Venezuela. The oil-services sector has been hit by a slowdown in US shale growth, causing companies to look overseas for sales expansion in recent years.
“If it opens up, it’s a massive opportunity,” Girish said of Venezuela. But, he added, “we need a clearer view as to governance” and a framework for safety and security.
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