Billionaire businessman Oswaldo Cisneros is investing in a state-controlled oil field as part of the… CARACAS, Venezuela—Billionaire businessman Oswaldo Cisneros, one of Venezuela’s richest men, is investing $1 billion in a state-controlled oil field as the government seeks to attract more private funds for the struggling energy sector. A group of Venezuelan businessmen led by Mr. Cisneros and calling themselves Delta Petroleum PARR 0.43 % NV will sign a deal next week to invest $800 million in the PetroDelta joint venture with state-run Petróleos de Venezuela SA in the country’s east, said the president of the state producer, which is known as PdVSA, and a spokesman for Mr. Cisneros. Earlier this month, Mr. Cisneros completed the purchase of 32% of PetroDelta from Houston-based Harvest Natural Resources Inc. HNR 1.04 % and Argentina’s Pluspetrol for about $200 million in cash and stock. The latest deal comes as PdVSA struggles with […]