US EditionBaker Hughes sees significant revenue opportunity in Venezuela
Baker Hughes aims to boost oilfield services amid easing U.S. sanctions and improved payments, addressing Venezuela’s aging infrastructure and operational challenges, CEO said.
- On Jan 26, Baker Hughes said it sees a significant revenue opportunity in Venezuela as sanctions ease and payment mechanisms improve, following U.S. government licenses allowing limited oil work and payments.
- After U.S. policy moves earlier this month, the U.S. government issued licenses following President Nicolas Maduro's removal, and moderate gains require major investment in Venezuela’s oil infrastructure.
- Back in 2012, Baker Hughes generated about half a billion dollars in Venezuela and supported licensed oil producers, Lorenzo Simonelli, CEO of Baker Hughes, said they are taking a long-term view while evaluating market opportunities.
- Rival firms said they can ramp up Venezuela activities if licensing, safety, and payment measures are in place, while Baker Hughes forecast 2026 revenue between $26.2 billion and $28.3 billion.
- Given production trends over the past year, PDVSA faces aging infrastructure, power issues, and spare-part shortages, while demand grows for artificial lift systems, compressors, well services, and digital monitoring.
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Baker Hughes sees significant revenue opportunity in Venezuela
Oilfield services company Baker Hughes said on Monday that there is significant revenue opportunity in Venezuela, with the main considerations for operating there being safety and conditions for employees, and clarity on legal and regulatory frameworks.
January 26, 2026.-The U.S. oil services firm Baker Hughes said it sees an important revenue opportunity in Venezuela as sanctions are relaxed and payment mechanisms are improved, which opens the door to increased activity in the oil sector.
News to the Day and the Hour Latest News today Lorenzo Simonelli, executive director of the U.S. oil services company, said moderate increases in Venezuelan production will require a substantial investment in well integrity, off-grid power generation, replacement of equipment and improvements in services. The oil services company Baker Hughes announced on Monday that there is an important revenue opportunity in Venezuela, considering mainly saf…
The head of state of Trinidad and Tobago said on Monday that the major oil and gas company is still interested in cross-border opportunities with Venezuela, despite the fact that the Caracas government suspended all bilateral energy agreements with its neighbor last year. BP and Shell had received licenses from [...] BP entry continues to be interested in cross-border opportunities with Venezuela was first published in Foco Informativa.
BP's head in Trinidad and Tobago said the oil and gas company is still interested in cross-border opportunities with Venezuela, despite the fact that… BP is still interested in oil and gas deals with Venezuela - ΘΑΦΤΕΜΟΠΟΡΙΚΙ
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