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Venezuela hasfinally opened the doors ofits oil fields to foreigners. Forthe first time since thenationalisation of its petroleum industry in 1976, thecountry has taken a decisionto invite foreign equityinvestment in oil exploration and production.
A joint session of theVenezuelan Congress hasapproved of a so-called"model agreement" underwhich the national oil company PDVSA will be able to callfor international tenders onexploring 10 blocks underrisk contracts. In the event ofdiscovery of commercialcrude oil and natural gas, theagreement allows the establishment of joint ventureswith multinationals.