Venezuela Stalls $100 Billion Energy Revamp with Delayed Contract Models

Venezuela's oil ministry is dragging out on releasing new contract models that will provide specific terms for energy investors to continue, expand or start businesses in the OPEC nation.

The delays are hindering the kickoff of an ambitious $100 billion plan to rebuild Venezuela's deteriorated and stagnant energy sector, following the U.S. capture of deposed President Nicolas Maduro in January and its support of Delcy Rodriguez as interim president.

Many foreign and local companies interested in crude and gas fields, midstream and downstream projects need to see the models to make investment decisions, but the ministry has not completed the first phase of the review on time, and the contract models and tax regulation have not been issued.