Investors are preparing to enter Venezuela, a country with the world’s largest proven oil reserves, despite significant risks. Greig Gilbert, chief executive of Apertura Energy, an investment firm, told a crowd in London that ‘the time is now’ to invest in Venezuela’s oil sector.

Venezuela’s Oil Reserves

Venezuela has 300 billion barrels of crude, and the US has unwound some sanctions to make it easier for US companies to sell and export the country’s oil. Last month, Venezuela exported 28 million barrels of crude, up almost 69% from the same month last year.

However, there are huge risks for firms attempting to invest in Venezuela. The country’s infrastructure is decaying, and there is political uncertainty. A devastating earthquake in June has also added to the instability. Despite these risks, some investors believe that now is the time to enter the market.

Investment Opportunities

Apertura Energy is among the companies looking to invest in Venezuela’s oil sector. The company has changed its name and overhauled its strategy since the US removed then-President Nicolás Maduro in January. Other investors, including oil and gas companies, are also looking to enter the market.

The US government has collected over $13 billion from selling Venezuelan oil since Maduro’s capture. The proceeds from the sale of Venezuelan oil are being held in US-controlled accounts and will be returned to Venezuela.

Original reporting: KRDO (Colorado Springs metro) — read the source article.