Venezuela's Oil Industry Attracts Foreign Firms Despite Sanctions

Venezuela's oil industry is attracting renewed interest from foreign companies despite years of sanctions and mismanagement. The country hosts the world's largest proven oil reserves, but its current production of one million barrels per day is a fraction of what it once was.

A summit in Caracas this week brought together bosses from companies including Repsol, Siemens, Maurel & Prom, Hunt Oil Company, and UCC Holding. 'Venezuela is the place to be,' said Erik Keskula, director of exploration and production at UCC Oil and Gas Holding.

The US has granted Venezuela access to a large chunk of its crude reserves and signed agreements with foreign companies to look for, produce, and export oil and gas. However, critics accuse President Trump of holding the country to ransom after ousting former president Nicolas Maduro.