Magda Chambriard, president of Petrobras, declared that the state-owned company is not considering any investments in Venezuela at this moment, attributing this stance to the ongoing economic embargoes and the difficulties associated with exploring the country's oil reserves. During a press conference detailing the company's financial statements, she labeled the idea of investing there as 'complete nonsense'.

The backdrop to this decision stems from recent geopolitical tensions, notably the United States' actions against Venezuela and the attempts to detain its leader, Nicolás Maduro. These developments have drawn attention back to Venezuela's oil industry, which has potential but is currently overshadowed by political and economic instability. President Donald Trump has expressed interest in encouraging U.S. companies to invest in Venezuelan oil production, intensifying the focus on the nation's energy sector.

Despite acknowledging that Venezuela could serve as a potential source for Petrobras to replenish its reserves, Chambriard emphasized that under the current conditions, including illegal trade restrictions, the company must refrain from pursuing investment opportunities there. The complexities surrounding Venezuela's oil reserves and the embargos make any exploration efforts challenging and unfeasible at present, contributing to Petrobras' cautious position on any investments in the region.