Summary
A large fund is being raised to develop oil projects in Venezuela after the capture of Nicolas Maduro. The Amos Global Energy Management fund, led by former Chevron executive Ali Moshiri, has identified Venezuelan assets and is looking for investors. The U.S. government has signaled support for American companies to participate in restoring Venezuela's oil production.
Key Facts
- Ali Moshiri, former Chevron executive, is leading a $2 billion fund for Venezuelan oil projects.
- The fund aims to develop 20,000-50,000 barrels of oil per day and 500,000 barrels of reserves from Venezuela's state oil company, PDVSA.
- President Trump's administration supports U.S. companies' involvement in Venezuela's oil sector after Maduro's capture.
- Venezuela has reportedly larger oil reserves than Saudi Arabia, but its industry needs significant investment.
- Extracting Venezuela's heavy oil reserves is expensive and requires major capital.
- Chevron is currently the only major U.S. company operating in Venezuela since other companies left in 2007.
- Investors are cautious due to the need for regulatory and contractual certainty in Venezuela.
- Other investors, like Harold Hamm, have shown interest but have not yet made definite plans to invest.
