Introduction

Venezuela holds one of the largest hydrocarbon reserves in the world with proven oil reserves estimated at 215 billion barrels, including heavy and extra-heavy crude, and natural gas reserves of 150 trillion cubic feet (tcf).[1] It is a founding member of OPEC, one of the top world oil producers[2] and one of the major suppliers of crude to the United States.[3] Under the government of President Hugo Chávez Venezuela has assumed a leading role in the global geopolitics of oil. President Chávez is changing the dynamics for foreign investment in the oil sector in Venezuela with ...