Oil Companies Flee Venezuela, Leaving All Behind

In a move reminiscent of the Hugo Chavez years when Venezuela nationalized its oil industry, stripping by default many foreign oil companies of their assets, oil companies are once again preparing to abandon operations in the nation that houses the largest oil reserves on the planet. Venezuela has given the go ahead to all PDVSA partners to leave their JVs. They will be allowed to sell their shares or return them, with one caveat: they must forgive any past debts and unpaid dividends, four people close to the matter told Reuters. The situation…

oilprice