The Orinoco oil belt holds the majority of the oil reserves for Venezuela. Many international oil companies have invested billions of dollars in creating infrastructure and E&P assets in joint ventures with Venezuelan state oil company Petroleos de Venezuela (PDVSA). It is a hope that the expertise that these foreign oil companies bring will further expedite the development of this vital resource and begin to show an increased profit for Venezuela. Under Hugo Chavez, FDI was not always welcomed. But, there is a growing sense of hope that under the new administration led by Maduro, new opportunities will be made available. More....
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