Baker Hughes CEO Says Venezuela Oil Output To Grow Incrementally

Venezuela can lift oil output incrementally in the near term, but sweeping changes are needed to significantly revive the country’s production, according to the boss of one of the world’s oilfield services giants.

Baker Hughes currently supplies pumps and chemicals to Chevron Corp. in Venezuela, the only US company operating there under a special license, and sees opportunities to provide power generation equipment for crude production.

The two companies are in talks with the Trump administration, alongside others in the sector, about a plan to quickly boost the country’s output at a fraction of the estimated $100 billion cost ...