Venezuela looks attractive on paper—until companies dig deeper. The reality hits hard: institutional instability, systemic corruption, and militia influence turn due diligence into a painful crash course. Most explorers don't make it past the initial assessment. Those who manage to extract themselves consider it a win. The energy sector knows this well. Geopolitical risk isn't just a headline; it's the difference between opportunity and operational nightmare. When regulatory certainty vanishes and governance collapses, even the most lucrative ventures become liabilities.