Venezuela has finally opened the doors of its oil fields to foreigners. For the first time since the nationalisation of its petroleum industry in 1976, the country has taken a decision to invite foreign equity investment in oil exploration and production.

A joint session of the Venezuelan Congress has approved of a so-called "model agreement" under which the national oil company PDVSA will be able to call for international tenders on exploring 10 blocks under risk contracts. In the event of discovery of commercial crude oil and natural gas, the agreement allows the establishment of joint ventures with multinationals.