Venezuela's Crude Reserves Beckon Foreign Oil Companies Amid Sanctions and Hurdles

Foreign oil companies are eager to tap into Venezuela's vast crude reserves despite years of sanctions and underinvestment that have crippled the industry. The country sits on the world's largest proven oil reserves, but its current production of one million barrels per day is a far cry from the three million it averaged decades ago.

The Venezuela International Oil and Gas Summit in Caracas this week has attracted big players like Repsol, Siemens, Maurel & Prom, and UCC Holding. Erik Keskula, director of exploration and production at UCC Oil and Gas Holding, said 'Venezuela is the place to be.'

The US government has granted Venezuela access to a large chunk of its crude reserves and signed agreements with foreign companies to explore, produce, and export oil and gas.