TotalEnergies CEO Reportedly Says Venezuela's Oil Sector Could Take Years, Billions to Revive

MT Newswires Live01-14

TotalEnergies (TTE) Chief Executive Patrick Pouyanne said ramping up Venezuela's oil industry could take years and billions of dollars in investments, according to media reports published Tuesday.

Pouyanne said raising Venezuela's oil production to more than 3 million barrels a day from less than 1 million currently will take years, and adding 1 million barrels per day will take $100 billion, news outlets reported. Reuters said Pouyanne issued the statement during an event in Abu Dhabi.

The chief executive also said returning to Venezuela is not among his top priorities, noting that he is "not convinced" that the country will have a direct impact on the market this year, according to the reports.

Price: 65.86, Change: +1.14, Percent Change: +1.76

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