Two of the world’s biggest energy companies vowed to increase oil and gas production in Venezuela, as concerns over a protracted conflict in the Middle East override worries over Caracas’ treatment of international firms.
BP and ADNOC answered Washington’s calls for energy companies to help rebuild production in Venezuela — which holds the world’s largest stated crude reserves — with plans to develop a major offshore gas field. Other fossil fuel giants have held firm on compensation demands tied to assets expropriated by Venezuela’s ousted leadership. Still, Big Oil’s bid to diversify is feeding the rise of the Latin American petrostate, with Brazil announcing a significant oil discovery near the Amazon River.
