Finance
Norway's Equinor does not plan return to Venezuela, CEO says
Norway's Equinor does not plan return to Venezuela, CEO says
Published by Global Banking and Finance Review
Posted on January 7, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on January 7, 2026
OSLO, Jan 7 (Reuters) - Equinor does not plan a return to Venezuela, which the company left in the early part of this decade, the Norwegian oil and gas company's CEO told Reuters on Wednesday.
"At the moment, that's not on the table," Anders Opedal said on the sidelines of a business conference. "We pulled out of Venezuela because we wanted to reallocate capital."
Equinor entered Venezuela's oil and gas industry the mid-1990s, investing billions of dollars onshore and offshore and identifying the country as a core part of its operation, but ultimately pulled out after some 25 years.
(Reporting by Nora Buli, editing by Terje Solsvik)
Equinor is a Norwegian multinational energy company primarily focused on oil and gas production. It was formerly known as Statoil and is involved in renewable energy initiatives as well.
Capital allocation is the process of deciding how to distribute financial resources among various investments or projects to maximize returns and achieve strategic goals.
Venezuela is known for having some of the largest oil reserves in the world and has historically been a significant player in the global oil market.
The oil and gas industry involves the exploration, extraction, refining, and distribution of oil and natural gas. It plays a crucial role in the global economy and energy supply.
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