No-Name U.S. Oil Driller Gets Shot at World’s Biggest Reserves

Nicolas Maduro was in his element, flanked by an enormous Venezuelan flag, beneath a portrait of Simon Bolivar on horseback, in front of a statue of Hugo Chavez, praising foreign companies wise enough to make deals with what he called “our beloved PDVSA.”

That would be Petroleos de Venezuela SA, the state-owned oil giant struggling to pay its bills and reverse a production decline that sent output to a 14-year low in June. But there’s nothing to worry about, Maduro said, because of the “huge investments” coming in from around the world.

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