The chief executive officers of both companies talked up the long-term opportunities in Venezuela, which has the world’s largest reserves on paper, but were hesitant to commit new capital after reporting earnings Friday. They said political and legal reform is needed to protect their investments while stressing any new projects would have to compete with other opportunities around the world.
Venezuela’s acting president signed off on historic changes to its nationalist oil policy this week that would reduce taxes and allow greater ownership for foreign oil companies, less than a month after US forces captured longtime leader Nicolas Maduro.
Photographer: Leslie Mazoch/AP Photo