Venezuela’s oil sector faces a critical skilled worker shortage despite rising production efforts. Industry leaders warn that low salaries, a fraction of international rates, are preventing the return of the 800,000 oil workers who emigrated during the Maduro and Chávez regimes. With universities producing too few petroleum engineers, the gap persists at mid- and lower-technical levels essential for operations.
While the government has secured 100-year concessions for 17 oilfields, experts argue that retraining or AI cannot replace the need for human capital. The state oil company PDVSA pays a base salary of about $200 monthly, compared to $5,000 earned by Venezuelans in the US. Without competitive pay, the sector risks stalling its revival despite holding the world’s largest proven oil reserves and recent policy shifts aimed at boosting output toward pre-crisis levels.
Source: Financial Times Companies · Summarized by HeadlinesBriefing