What Venezuela’s Hydrocarbon Reform Won’t Fix
Updating the nation’s oil law is a necessary starting point, but its impact will most likely fade quickly, an expert writes.
MADRID—An OPEC founder and once the world’s largest exporter of crude oil, Venezuela is again attracting the attention of nearly everyone—experts and amateurs alike in the energy world—interested in how political change in the country could open new doors for rebuilding its oil and gas industry.A nation that was the darling of the Seven Sisters during the first half of the 20th century was the focus of intensive foreign investment in the 1990s. During this century, however, it became the best example of what could go wrong in a country due to misguided ideology, inefficiency, and...
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