Venezuela’s oil industry struggles to attract US investment after Maduro’s removal

Venezuela possesses some of the world’s largest proven oil reserves, but much of its oil industry remains in disrepair.

After Nicolas Maduro’s removal, Washington eased some energy restrictions in the hope that American investment would help revive Venezuela’s struggling oil sector. Venezuela’s interim government also moved to open the industry to greater foreign investment.

But no major American reconstruction projects have come online. Years of underinvestment, sanctions, corruption and deteriorating infrastructure have left wells, pipelines and refineries requiring extensive rebuilding.

Industry analysts estimate that rebuilding the sector could cost more than $100bn over the next 15 years. Commercial uncertainty, political instability, legal hurdles and questions over future policy are also making investors hesitant.

For Washington, rebuilding Venezuela’s oil sector is part of a broader strategy to support economic recovery, strengthen democratic institutions and reduce the influence of outside rivals such as China.

Al Jazeera’s Manuel Rapalo reports from Washington.

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