Venezuela's energy industry faces challenges as President Petro aims to phase out Colombian fossil fuel production, raising concerns about importing cheap energy from Venezuela. Ecopetrol is analyzing importing gas from Venezuela, while Venezuela is close to approving a license for Shell and Trinidad to develop offshore gas fields, potentially boosting Trinidad's gas processing and exports. European firms are also planning to develop Venezuela's natural gas sector, facing challenges due to US sanctions and seeking partnerships with the Venezuelan government.

Venezuela's Energy Future

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