The most strategically valuable assets in Venezuela’s oil reopening may not be the country’s estimated 303 billion barrels of proved reserves. The negotiations have stalled as companies seek control of a limited number of projects capable of supporting large investments, the Journal reported. Chevron is nevertheless pushing Venezuela to make its investment rules more competitive, the Journal reported. The US Treasury has expanded licences covering Venezuelan oil trading, equipment, services, and specified oil and gas operations. Both measures show recovery, but output remains between 65% and 69% below the 3.4 million barrels per day Venezuela produced in 1998.