CARACAS, VENEZUELA (By Piero Stewart, Editores Latin Petroleum, 2.Nov.2026, Words: 155) — Oil companies that have resumed operations in Venezuela are reinvesting the resources generated by their own fields, but they remain cautious before allocating new capital to the OPEC country.
This, according to economist Ricardo Penfold, who was managing director of Goldman Sachs Asset Management for more than 20 years.
In an interview with Circuito Exitos, Penfold explained several companies are following a gradual strategy: they begin with fields that are already active and producing, and use the revenue generated to continue investing in those same assets.
Penfold mentioned Chevron Corporation and NABEP as examples of this approach.Â
Penfold also alluded to Eni and its JunĂn 5 project, although he expressed some reservation about identifying it as a brownfield field.
____________________
By Piero Stewart reporting from Caracas. © 1999-2026 Energy Analytics Institute (EAI) and its 100% owned Venezuelan affiliate Editores Latin Petroleum CA. All Rights Reserved.
