Equinor’s Firm Stance: No Return to Venezuela’s Oil Frontier

Equinor's CEO, Anders Opedal, confirmed the Norwegian oil giant has no plans to return to Venezuela, having exited the country to reallocate capital. Despite Venezuela’s vast oil reserves, Equinor remains cautious. President Trump plans discussions with oil executives to rejuvenate Venezuela's oil sector following recent political changes.

Equinor has expressed its intent not to return to the Venezuelan oil sector, having exited earlier this decade. The Norwegian oil giant's CEO, Anders Opedal, shared this stance during a business conference in conversation with Reuters.

Opedal highlighted the company's decision to withdraw was driven by a strategic capital reallocation. Despite Venezuela's position atop global oil reserves charts, Equinor remains steadfast in its withdrawal. The move comes as U.S. President Donald Trump prioritizes boosting Venezuela's crude production following significant political shifts in the country.

Equinor first invested in Venezuelan oil in the mid-1990s, injecting billions into both onshore and offshore projects until their departure. Trump is set to meet with petroleum industry leaders to explore options for invigorating Venezuela's struggling oil sector, a move that Opedal notes would require massive investments to enhance the infrastructure necessary for extracting heavy oil from the region.

(With inputs from agencies.)