Nicolas Maduro was sworn in as Venezuela’s president after a week in which rising tensions with the opposition over the disputed April 14 vote undermined investor confidence in how the government will manage the world’s largest oil reserves.
California and oil producers such as Occidental Petroleum Corp. may not be able to realize their dream of hydraulic fracturing generating billions in revenue from the Monterey shale deposit traversing the state.
Petroleo Brasileiro SA’s worst debt position in a decade is boosting chances the Brazilian oil company will step aside and let Exxon Mobil Corp. and Royal Dutch Shell Plc buy offshore exploration licenses in Latin America’s biggest auction this year.
California’s reputation for environmental protection may be jeopardized by the lure of a $25 billion tax windfall that depends on how the state permits oil companies to take advantage of vast deposits lying two miles beneath its golden hills.
Occidental Petroleum Corp. will lose its two-decade leader Ray Irani next year, freeing the $66 billion energy company to sell its operations outside the U.S. and boost one of the industry’s worst valuations.