Equinor's Reluctance to Re-engage with Venezuela's Oil Sector

Norwegian oil and gas company Equinor, led by CEO Anders Opedal, has no plans to re-enter Venezuela's oil and gas industry. Despite significant investments since the mid-1990s, Equinor withdrew due to strategic capital reallocation. The decision remains unchanged as of their CEO's recent statement at a business conference.

Norwegian oil giant Equinor has ruled out any immediate plans to re-enter the Venezuelan oil and gas market. CEO Anders Opedal confirmed the decision during a side interview at a business conference on Wednesday.

Equinor, which invested billions in Venezuela starting in the mid-1990s, made the country a major focus of its global operations. However, the company withdrew its interests around the start of this decade to reallocate its capital resources more strategically.

According to Opedal, the possibility of returning to the Venezuelan market remains off the table, cementing the decision made after a 25-year engagement in the region.

(With inputs from agencies.)