Venezuela's oil ghost towns hope Trump plan will revive their fortunes

BBC News - WorldCenterEN 8 min read 100% complete January 30, 2026 at 01:03 AM

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long article 8 min

Venezuela's once-prosperous oil towns around Lake Maracaibo are struggling due to decades of decline in the country's oil industry. These towns, including Miraflores, were built by international companies like Standard Oil and Shell to house workers during the oil boom that began in the 1920s. Many homes are now abandoned and looted, reflecting the overall decay of the region's oil infrastructure. The area is central to President Trump's plan to encourage US firms to invest $100 billion to revive Venezuela's energy sector, which possesses the world's largest proven oil reserves. Residents hope this investment will bring jobs and restore the region's former wealth.

Key Entities & Roles

Key Player Opposition Context

Latin America 30% Exxon 40% Shell 40% Chevron 40% Standard Oil of New Jersey 50% Maracaibo ×260% United States 70% Donald Trump 80% Lake Maracaibo ×390% Venezuela ×6100%

Keywords

venezuela oil industry 100% lake maracaibo 90% oil ghost towns 80% us investment 70% oil reserves 60% economic decline 50% donald trump 50% oil camps 40%

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Neutral

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BBC News - World

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Classification Confidence

90%

This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).

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venezuela oil industry lake maracaibo oil ghost towns us investment oil reserves economic decline donald trump oil camps

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