Oil companies are reportedly considering returning to Venezuela after President Nicolas Maduro signalled that he was ready to end the monopoly of state-owned Petroleos de Venezuela SA (PDVSA) and open the industry up to foreign investments earlier this year, according to Bloomberg.
While bigger oil producers like Chevron Corp., France’s Total SE and Italy’s Eni SpA will probably wait until Joe Biden lifts sanctions on Venezuela’s oil sector, smaller players might get started once the Maduro government opens up the industry for private enterprise, Bloomberg reported on 19 March.
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