Rebuilding Venezuela’s oil sector: are there any takers?

Venezuela sits on some of the largest oil reserves on the planet — but after years of nationalisation, sanctions, brain drain and crumbling infrastructure, is that oil actually worth the trouble?

In this episode, we step away from the politics and dig into the realities of reviving Venezuela’s oil industry. What would it take to get production back online? Who would invest, who would take the risk, and how long would it really take to make a difference to global oil markets?

Joining the discussion alongside E+T regulars Tim Fryer and Jack Loughran is Alan Gelder, senior vice president of refining, chemicals and oil markets at Wood Mackenzie, who brings a clear-eyed view of the technical, financial and geopolitical hurdles — from heavy crude and broken refineries to sanctions, emissions, and investor confidence.

Is Venezuela a future energy powerhouse waiting to be unlocked — or an uninvestable headache in a world already awash with oil?

"Resources that are in unstable regimes that look like they’re very costly to develop and also have a very high emissions intensity, don’t go to the top of the list.”