Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from the Venezuelan energy market. International companies are starting to give up on Venezuela, which has the world’s largest proven oil reserves standing at 304 billion barrels, as U.S. sanctions and the political state of the country present too much risk to ongoing investment. This summer, both TotalEnergies and Equinor divested their interests in Venezuelan state-owned Petrocedeno, leaving PDVSA with all of the equity, in a move that suggests they are giving up on their stake in the Latin American oil giant after decades of investment. Petrocedeno operates in the Orinoco Belt of Venezuela, producing extra-heavy crude, which it transports to be upgraded and blended to become a lighter crude, suitable to export. TotalEnergies blamed the inability for operations in […]