Will Private Equity Revive Venezuela's Troubled Oil Sector?

Venezuela-based private equity firm Sucre Energy Group expects reforms aimed at attracting foreign investment to Venezuela’s capital-starved oil and gas industry to make the local energy market work for companies that have bet on the country holding the world’s largest oil reserves. Last month, Sucre Energy bought the 70-percent stake of Japan’s Inpex in Gas Guarico, a natural gas joint venture with Venezuela’s state oil firm PDVSA. “We have the belief that the state is going to put in place the public policy required…