Venezuela Opens Oil Industry to Private Investment (Full Transcript)

[00:00:00] Speaker 1: Let's move on to Venezuela, where the interim president there, Delcy Rodríguez, has signed a law that opens the country's oil industry to private investors, reversing decades of tight state control. The move was demanded by the United States after it captured President Nicolás Maduro earlier this month. Ms. Rodríguez described the change as a historic leap. BBC Mundo's Norberto Paredes is the first international journalist to report from Venezuela's decaying oil heartland since the removal of President Nicolás Maduro, where people there are hoping the industry's revival will once again bring jobs and prosperity.

[00:00:40] Speaker 2: This is Lake Maracaibo on Venezuela's north coast. Here, you'll find local fishing boats and the heart of the country's oil industry. The wealth pumped from the earth here once made Venezuela rich. But now it's a rundown reminder of better times. This is where oil was first discovered in the country a century ago. You can see the oil right here on the surface. You can't even touch it. If Donald Trump is really going to make Venezuela great again, as he says, this is where the impact will be felt first. Decades of mismanagement on the investment and sanctions have left the oil sector crumbling. And pollution is affecting one of the last remaining industries. Every year, fisherman Carlos is pulling fewer fish from these contaminated waters. Despite the removal of his president by Donald Trump, he's ready for American investment and the oil to start flowing once more.

[00:01:51] Speaker 3: It would be good because it would create jobs and our children wouldn't have to work in the fishing industry anymore. They could have real jobs, good jobs, and they would earn a good salary.

[00:02:03] Speaker 2: This is what oil once built in Venezuela. Model suburbs funded by the big US companies, which now lie in ruins. A taste of the old American life for the workers. Like 93-year-old Jose, one of the few residents left. His salary in the boom years bought him this US muscle car. Now it, like many of the homes, is just a reminder of how things used to be.

[00:02:36] Speaker 4: Everything has changed. Things have become more difficult. In the past, things were easier. We had more comforts. Because you'd go to the pharmacy, get medicine, and it was right there. Now it's not like that. Now they prescribe medication and, no, it's not available.

[00:02:57] Speaker 2: Turning things around won't be easy. Uncertainty over America's long-term strategy means big oil might be slow to invest the tens of billions of dollars needed to restore output. And one local politician says there is still widespread anger over the American military action earlier this month.

[00:03:21] Speaker 5: Look at what we Venezuelans are suffering. The events of January the 3rd were a physical act of aggression, but the attacks haven't stopped since President Trump announced the start of a firm blockade on the country. There's a lot of theatricality and little reality. Truths are mixed with lies.

[00:03:42] Speaker 2: Venezuela has just passed a new law giving foreign companies far greater access to its oil industry. This has been a key demand of the Trump White House. But for many people here, unlocking the country's vast oil wealth still feels a long way off. Norberto Paredes, BBC News, Maracaibo, Venezuela.