'Major US oil companies haven't taken the plunge in Venezuela because they need legal certainty, which doesn't exist yet'

On the Voz News program, anchor and executive director Karina Yapor interviewed oil expert and former Citgo CEO José Pereira about the current lack of certainty surrounding investment in Venezuela due to the presence of Chavismo in power and the mistrust this generates among both large companies and investors.

"With the events unfolding around the world regarding Iran and Ukraine, Venezuela's oil and gas industry is becoming more important than ever. This is why the United States, Europe, and even India are beginning to view Venezuela as a potential supplier in the short and medium term. […] Major U.S. oil companies have not yet taken the plunge because they need greater legal certainty and better terms regarding taxes and royalties. There was a recent amendment to the hydrocarbons law, and there is still a great deal of uncertainty regarding the discretion it allows. […] It will take years for Venezuela to reach its maximum oil production capacity; its infrastructure is in shambles."

You can watch the full interview by clicking on the video below.