\n But there are huge risks for firms attempting to cash in on the world\u2019s largest proven oil reserves. Event speakers on Thursday acknowledged the roadblocks facing foreign companies in Venezuela, including decaying infrastructure, political uncertainty and the instability wrought by June\u2019s devastating earthquake<\/a>.\n <\/p>\n \n Still, Gilbert, recognizing the risks, urged his audience to seize the day. \u201cThere is a window opening. There is an opportunity right now, and we can\u2019t afford to miss that.\u201d\n <\/p>\n \n A handful of foreign oil companies and investment firms are moving to invest or expand their existing operations in Venezuela under acting President Delcy Rodr\u00edguez, who, despite serving as Maduro\u2019s vice president, appears friendly to foreign interests.\n <\/p>\n \n Reforms under her government have dropped a longstanding requirement that PDVSA, the country\u2019s state-run oil firm, holds a majority stake in joint projects.\n <\/p>\n \n \u201cPrivate companies can now operate fields directly, hold bigger stakes, and keep more of the profit,\u201d Claire Jungman, director of maritime risk and intelligence at energy data firm Vortexa, told CNN.\n <\/p>\n \n Since January, Washington has pounced on the opportunity presented by Venezuela\u2019s 300 billion barrels<\/a> of crude, unwinding some sanctions<\/a> to make it easier for US companies to sell and export Caracas\u2019 barrels.\n <\/p>\n \n Easing sanctions appears to have worked. Last month, Venezuela exported 28 million barrels of crude \u2014 up almost 69% from the same month last year, according to Vortexa.\n <\/p>\n \n And more than half of Venezuela\u2019s barrels are destined for the United States, where refineries in the Gulf are capable of processing its heavy, viscous form of crude, said Jungman. Before January, nearly three-quarters of Venezuela\u2019s crude exports headed to China, with the United States a distant second.\n <\/p>\n \n India is another huge buyer, Jungman said, accounting for about a quarter of exports, while European countries like Spain and the Netherlands are also in the mix.\n <\/p>\n \n On Monday, President Donald Trump said<\/a> his administration has collected more than $13 billion from selling Venezuelan oil since Maduro\u2019s capture.\n <\/p>\n \n The US government has said<\/a> it will hold the proceeds from the sale of Venezuelan oil in US-controlled accounts in a \u201ccustodial\u201d capacity and intends to return them to Venezuela. Democrats in Congress have pushed for more transparency<\/a> over this process.\n <\/p>\n![\"Children](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/08\/2026-07-29t100838z-42202170-rc2b3las4yn9-rtrmadp-3-venezuela-oil-refining.JPG\")
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