Leave it to a global oil event to suck all the oxygen out of the world’s newsrooms. And so it has again. The U.S. capture of Venezuelan President Nicolấs Maduro and his missus from their fortified Caracas compound has attracted more attention than a rat on a Cheeto. Then there’s the uncertainties behind a new government leadership, the lofty aspirations by the U.S. to take over Venezuela’s oil resources and rebuild its economy. And oh, the bitter history between both.   

Reese Energy Consulting’s Business Development–Latin America, Cristobal Fernandez-Salgado, plants his home and work boots in Caracas where he shares the latest market analysis and conversations with his long-standing industry contacts. It’s an interesting time for him but maybe not an unexpected one. Speaking of market potential and timing in Venezuela, Cris advises we remain vigilant and prepared. “When business conditions allow for reactivation, there will be a significant volume of work,” he says, “particularly in the refurbishment and modernization of existing facilities, as well as selected new developments.” Primary opportunities, he adds, will likely be in midstream, natural gas, heavy crude, and refining.  Cost estimates could range in the billions; project completions by 2024.  

For now, Cris remains in contact with those he’s worked with for more than 30 years. “There’s strong interest in working with us once operations become feasible again.”   We’ll continue to share more information and conditions from Cris as we receive them.