Total in Venezuela

[Rsigom 0]

What will happen to Total (FRA) Investments in venezuela? Petrocedeno is at all unemployed. 

[Tom Kirkman + 8,860]

2 hours ago, Rsigom said:

What will happen to Total (FRA) Investments in venezuela? Petrocedeno is at all unemployed. 

From February 2019:

Oil Major Total Evacuates Staff From Venezuela After U.S. Sanctions

As of 2017, Total had around 50 employees in Venezuela, according to the group’s website. The French group first began exploration in Venezuela back in 1980, and has been active in the exploration and production of extra-heavy crude oil and natural gas in the Latin American country.

However, after the U.S. imposed sweeping sanctions on PDVSA at the beginning of last week, Total has frozen operations.

“We decided to evacuate all of our personnel from Venezuela given what has happened... since last Monday,” AFP quoted Pouyanné as saying on Thursday.

Venezuelan operations are not crucial for Total and they won’t have a significant impact on the supermajor’s production, given the fact that Venezuela accounts for just 50,000 bpd of Total’s 3 million bpd production, according to Pouyanné.