GAO: VENEZUELAN REFORMS DO LITTLE TO SPARK OIL INVESTMENT BY U.S. FIRMS

Venezuela's 1991 foreign investment reforms did little to encourage U.S. oil companies to invest there despite the overall investment attractiveness of the country's oil sector, says the U.S. General Accounting Office. In a report to Congress, GAO noted Venezuela's oil production peaked in 1970, declined through 1985, and since then has increased by about 21% through 1990.

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