HOUSTON/WASHINGTON ¨C A proposed reform of Venezuela¡¯s oil law is enough to encourage companies working in the country to expand and for some new entrants to begin investing, but deeper reforms would be necessary to attract the $100 billion the U.S. says is required to revamp the nation¡¯s energy sector, foreign and local executives and lawyers said.
The U.S. has taken control of Venezuela¡¯s oil exports and revenue following a military incursion to capture President Nicolas Maduro earlier this month, and a naval blockade to stop oil shipments on sanctioned vessels since December.
Oil is the Venezuelan government¡¯s main source of revenue. Washington has said it plans to control the country¡¯s energy resources and revenue indefinitely to ensure Caracas governs in a way that the U.S. considers is in line with its foreign policy targets.
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