Few are expecting the world's oil majors to rush into Venezuela's battered hydrocarbon sector given the long list of risk factors. But one of the least discussed reasons Venezuela might not align with the strategic priorities of many firms is the country's lack of "advantaged" barrels, a term describing oil deposits that offer both high margins and low carbon intensity. Indeed, Venezuela's emissions intensity was one of the reasons French major TotalEnergies gave when it exited the country in 2021. TotalEnergies is also one of several majors divesting from Canada's oil sands, another high-emissions play, joining companies like Shell, Equinor, BP and Chevron. Exxon Mobil remains in Canada's oil sands, primarily through its majority stake in Imperial Oil.