Venezuelan Energy: Oil Production and Conditions Affecting Potential Future U.S. Investment

Pursuant to a congressional request, GAO reviewed Venezuela's petroleum industry and conditions affecting potential future U.S. investment in Venezuela's petroleum sector, focusing on: (1) recent increases in Venezuelan oil production and the primary factors affecting continued increases through 1996; (2) Venezuela's recent reforms to encourage foreign and private petroleum-related joint ventures and U.S. petroleum companies' response to those reforms; and (3) U.S. efforts to support Venezuela's energy sector.