International Oil Companies Are Giving Up On Venezuela

Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from the Venezuelan energy market. International companies are starting to give up on Venezuela, which has the world’s largest proven oil reserves standing at 304 billion barrels, as U.S. sanctions and the political state of the country present too much risk to ongoing investment.  This summer, both TotalEnergies and Equinor divested their interests in Venezuelan…