The Take Why is Venezuela ‘uninvestable’ for Big Oil?
Jan 15, 2026
Anneke Ball, an independent journalist from Caracas with deep expertise in Venezuelan politics and oil, dives into why oil giants deem Venezuela 'uninvestable.' She explores the risks of asset seizures and legal uncertainties that frighten investors. Ball discusses the shaky stability under Delcy Rodríguez and contrasts U.S. expectations with reality. The conversation touches on historical nationalizations, the heavy crude challenges, and the impact of green energy trends on future investments. Ultimately, she emphasizes the urgent need for a political transition in Venezuela.
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Investment Threatened By Legal Uncertainty
- ExxonMobil called Venezuela "uninvestable" because legal and commercial frameworks remain unreliable.
- Executives fear assets could be seized again despite political change.
Interim Government Lacks Investor Confidence
- Anneke Ball says Delcy Rodríguez remains tied to the Maduro administration and lacks true legitimacy.
- That continuity makes investors worry their capital could face political reversal or expropriation.
PDVSA's Workforce Purge Crippled Output
- Anneke Ball recounts that thousands of PDVSA employees were fired after the 2002 oil strike, draining expertise.
- That purge began a decades-long collapse in Venezuela's oil professionalism and output.