During the Chávez presidency, Venezuela reclassified its reserves. Previously, there were thought to be just 80 billion barrels of extractable oil, but by 2011, its reported figure had nearly quadrupled. That statistical change was made possible by high oil prices at the time, which allowed previously unviable projects to look feasible.
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For US energy companies, however, there are huge practical difficulties to be overcome. Venezuela's state-owned oil company, PDVSA, is a shadow of its former self.
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