Venezuela Reportedly Mulls Letting Private Firms Operate State Oilfields Amid Stifling US Sanctions

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Venezuela, which boasts the largest proven oil reserves on the planet, has been mired in an economic crisis as it struggles with challenges driven by the collapse in crude production driven by the coronavirus pandemic, as well as crippling US sanctions.

Venezuelan officials are reportedly negotiating with small domestic contractors over a deal that would allow them to operate the oilfields of state-owned PDVSA in return for a share of the proceeds, writes Reuters.

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