Venezuela’s true oil potential

The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost

US President Donald Trump’s vision of American oil companies investing billions to revive the Venezuelan oil industry after the capture of its leader Nicolas Maduro could soon become reality. The wheels are already in motion after a US-Venezuela energy deal was announced that would include some sanctions being lifted, Venezuelan crude being sold on the global market and greater transparency over oil sales. But after the fanfare, even the first small steps to revitalise the Latin American country’s decrepit oil sector look more like giant leaps given it will require a stable and encouraging political environment, lucrative fiscal terms, and favourable oil prices once oil volumes are both grow