Ex-Credit Suisse Bankers Aim to Finance Venezuela Oil Revival

An oil pumpjack on Lake Maracaibo in Cabimas, Zulia state, Venezuela. Photographer: Bloomberg Photo by Gaby Oraa /BloombergArticle content(Bloomberg) — A private-credit firm founded by former Credit Suisse bankers is seeking to finance Venezuela’s oil services sector, as one of the country’s largest energy conferences in decades draws investors back to Caracas.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentArtCap Strategies plans to deploy capital to local providers working with oil majors, aiming to help revive crude output after years of underinvestment, Managing Director Andrés Martínez said Monday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentMore than 900 executives, financiers and officials packed a hotel hall in eastern Caracas for the event, an unusual gathering in a country that has been largely cut off from global capital markets for years. Attendees moved through crowded corridors and meeting rooms, pitching deals and scanning for partners as discussions ranged from sanctions to financing structures.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“In this juncture there is an opportunity to finance certain things, specifically projects with a time horizon of over one year,” Martínez said, without specifying how much money the firm intends to deploy. Article contentArtCap is targeting small- and medium-sized firms, with financing focused on equipment, maintenance and other capital expenditures. Its investor base includes insurers, foreign banks and family offices, Martínez said. Launched in 2023, the Cayman-based direct lender advised on El Salvador’s $1 billion debt swap in 2024 and last year helped fund a carbon program in the Bahamas.Article contentA group of US oil executives met Venezuela’s acting president, Delcy Rodríguez, in Caracas earlier this month, seeking assurances the country is safe for investment as President Donald Trump urges companies to help revive its energy sector. The delegation included Continental Resources Chief Executive Officer Doug Lawler, Texas oilman Bryan Sheffield and former House Speaker Kevin McCarthy, signaling interest extending beyond Chevron Corp. and other majors.Article contentArticle contentForeign companies are cautiously approaching local firms, trying to assess the risks of investing in the country, with many surprised with the fast pace of the regulatory changes. “There are still some fears around what could happen, but without a doubt a lot of enthusiasm,” said Maria Camila Hernandez, director of forensic investigations and intelligence at Kroll, a financial and risk advisory firm. Article contentArtCap manages about $300 million and plans to deploy its own capital while seeking additional investors, Martínez said. The firm is focusing on rehabilitating existing wells and infrastructure, betting that restoring previously productive fields can boost output faster than new drilling.Article contentTrending Subscriber only. 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