Venezuela’s oil boom is fueling the interest of investors like Fred Ehrsam, co-founder of the cryptocurrency trading platform Coinbase.

The executive recently stated that this opening represents an “exceptional opportunity” and, according to Bloomberg, he seeks to become a major oil producer in Venezuela, “given that his energy company, Primavera, is preparing to begin operations in several Venezuelan oil fields.”

In recent weeks, Ehrsam’s company signed multiple contracts with the state-owned Petróleos de Venezuela S.A. (PDVSA). It also hired oil industry professionals who had worked at companies such as Chevron Corp. and Occidental Petroleum Corp. to help develop the necessary infrastructure for conventional and heavy oil production.

Every crisis opens doors to new opportunities that will improve people’s lives by boosting the economy. The goal is to produce 100,000 barrels of oil per day (bpd) in Venezuela, according to Ehrsam partner Manuel Iribarren.

The investment also includes the rehabilitation of several oil fields and the provision of operational excellence and technology.

M.Pino

With information from bancaynegocios and international media

(Reference image source: Gerhard Crous on Unsplash)

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During the year 2021, Venezuela registered a slight increase in its economy that could be maintained and increased by approximately 5% by the end of 2022, as long as the government authorities maintain the fiscal and monetary discipline that began in the last months of last year, from according to the recommendations made by some analysts.

Among those recommendations so that Venezuelans can protect their income and improve the economic crisis, the following stand out:

Seize opportunities

For the economist Henkel García, director of the econometric consultancy, Venezuelans must think about how to generate income by 2022. economic openness and better conditions can generate opportunities that must be taken advantage of, as much as possible, understanding that in 2022 still a difficult environment will present itself. In “an environment where those opportunities will be better for one group than for another. You have to make the most of them, generate income and try to increase the insufficient income you have today” he pointed out.

For his part, the economist and political advisor Miguel Velarde pointed out that an alternative for citizens to face the crisis is to continue safeguarding the value of their income and their foreign currency possessions, he also considers that in a new post-pandemic reality, Venezuelans have to evaluate other alternatives and not only protect their wealth, but also generate wealth in a different way.

Study and work online

Technological development and the pandemic have allowed people to connect in real time, accelerating the process of changes globally, which is why Venezuelans can take advantage of new technologies and connectivity to do jobs in their professions, if possible, from Venezuela to other parts of the world, where they can access payments in currencies other than Venezuelan or access courses and education in general.

Velarde considers it important to train with courses and other opportunities offered by the Internet, sometimes they are free, to advance and expand knowledge that will allow generating wealth. “I believe that Venezuelans are still going through such a complex economic crisis. They have to take advantage of the opportunities that the new normal is providing to make the most of this,” he stated.

Invest in consumer goods and services sectors

Ángel Alvarado, a member of the Venezuelan Finance Observatory, said that by 2022 the economy is expected to grow more than 4%, possibly close to 10%, therefore “saving and investing will be important” and considers that the sectors with the highest opportunities are those of mass consumption and services.

“I think there is a reactivation in the retail, restaurant and service sectors. There is an opportunity for people, we are already seeing it with the delivery men, the restaurants. I believe that this will continue to be capitalized, essentially in the interior of the country, where improvements in fuel supply can encourage these activities, “said the analyst.

For his part, for the partner and director of Ecoanalítica, Asdrúbal Oliveros, the sectors with the greatest opportunities for growth in 2022 are those related to “food, health and personal care” and Venezuelans could make the most of these opportunities.

M. Rodríguez

With information from specialized media in economics

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