Key facts
- Venezuela revised proposed oil contract terms for energy companies.
- Initial draft terms were criticized by drillers.
- Complaints cited excessive leverage for Caracas and misalignment with US license rules.
- The revisions aim to entice wary investors.
Venezuela has revised its proposed contract terms for energy companies looking to operate in the nation's oil fields. The initial draft of the contract faced criticism from drillers who argued it granted too much leverage to Caracas and was not in sync with existing US license rules. These revisions are intended to make the terms more appealing to investors who have been hesitant to engage with Venezuela's energy sector.