Oilfield workers hold a flag with the PDVSA logo on it
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
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
