Lorenzo Simonelli

And we're obviously working closely with the administration and understanding how we go in with the broader portfolio as the legal framework becomes understood and also as we surely understand the safety of our operations and our employees.

If you look at it from a 2012 perspective, that was an annual number.

And you think what's happened to the production since then, it's been declining and the infrastructure obviously needs repair.

It needs overhaul.

So there's a significant opportunity

not just from an OPEX perspective of annual activity, but really the infrastructure improvement going forward.

And I wouldn't state a number right now, but clearly it's an opportunity that we see given the reserves that Venezuela has and also the backdrop of experience that we have there.

With regards to safety, again, employee safety and just making sure that the right framework is there is important.

It was there before, so again, working with the authorities to make sure it's in place.

And we have good experience of navigating different environments, as many other companies do as well.

So we are optimistic about Venezuela, and we are watching it closely.

Again, those discussions are ongoing.

I think you've seen some of those dialogues and also what's been said by the administration.

Clearly, there's a dialogue around incremental licenses, how to invest, how to think about the aspect of also payments, etc.

And all of that is being worked on.

You've got Department of Energy, you've got the National Energy Dominance Council, you've got

there's secretaries involved and so there's a large team that's actively working this