Venezuela Oil Industry Rebuild

Venezuela Oil Industry Rebuild

Venezuela's fragile economy is exceptionally dependent on oil. Photo: Reuters

Venezuela issues natural gas permit to Britain's Shell

Venezuela is thought to have the largest oil reserves in the world and is also rich in natural gas

Abandoned pumpjacks damaged over time at a field of the state oil company PDVSA on Lake Maracaibo, as residents around the oil‑rich centre of Maracaibo in Zulia state remain uncertain about new investments following recent legislative reforms allowing greater private participation in PDVSA and aimed at revitalising the country’s struggling oil sector, in Cabimas, Venezuela, 27 January 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Chevron, Shell closing in on first big oil production deals in Venezuela since US captured Maduro