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The Journal of World Energy Law & Business Advance Access originally published online on August 26, 2009
The Journal of World Energy Law & Business 2009 2(3):259-262; doi:10.1093/jwelb/jwp016
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© The Author 2009. Published by Oxford University Press on behalf of the AIPN. All rights reserved.

Venezuela: On the path to complete ‘oil sovereignty’, or the beginning of a new era of investment?

Elisabeth Eljuri and Clovis Treviño*

The first 150 words of the full text of this article appear below.

Since 2004, the Venezuelan government has been implementing its most significant oil field nationalization process in 30 years. Pursuant to a proclaimed right to ‘oil sovereignty’, Venezuela has taken actions that can be perceived as detrimental to international oil investors, ranging from unilateral increases in taxes and royalties, to forced contract renegotiations, nullification of contracts and outright expropriations. Step by step, the government has been squeezing oil investors out of a national oil industry that is still in need of substantial foreign investment to fulfill its potential.

At the same time, new investors have been invited to participate in what is one of the world’s richest oil basins, the Orinoco Belt. The foregoing can appear contradictory in nature but is part of the new reality in Venezuela. Investors are welcome, provided they come under the new terms being offered.


   1. Some recent history: Mixed messages to the international community?
 
During a first round of nationalizations completed in 2007, Venezuela successfully . . . [Full Text of this Article]


   2. Nationalization of the oil services sector
 

   3. Will international investment slow down?
 

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