Navigating Compliance Challenges in Venezuela’s Energy Sector

Welcome to the Hughes Hubbard Anti-Corruption & Internal Investigations Practice Group’s podcast, All Things Investigation. In this podcast, host Tom Fox welcomes back Mike DeBernardis to discuss the implications of entering Venezuela for energy companies and the historical precedents. They explore the return of US energy companies to the Venezuelan market and historical precedents, such as the Iraq Oil-for-Food Program, post-2003 Iraq, and the 1990s Russian market opening, to identify the risks and the necessary compliance measures. Key insights include the importance of stringent third-party controls, understanding the nuances of dealing with state-owned entities such as PdVSA, and having a robust risk management strategy. The conversation underscores the critical need for compliance professionals to thoroughly understand business operations to build effective compliance programs in high-risk environments. Key highlights: Challenges and Opportunities in Venezuela Historical Parallels: Iraq Oil for Food Program Lessons from Post-2003 Iraq Comparing Venezuela to 1990s Russia Counseling Clients on High-Risk Opportunities Resources: Hughes Hubbard & Reed website Mike DeBernardis