Energy giant Shell is in talks with Venezuela to develop gas fields off the country’s coast, the latest sign of increased investor appetite in the country.
Venezuela’s oil production remains far below its 1990s peak despite having the world’s biggest crude reserves. Still, investors are feeling bullish as the country begins to show some signs of stability.
Oil exports have jumped since Washington ousted its former president in January and lifted restrictions on the sector, reeling from years of mismanagement and underinvestment. “The recovery in Venezuela won’t happen in a year or two. It could take a while,” a Colombian investor told The Wall Street Journal. “So it’s an opportune time.”
