Gushers.

Despite the constant drumbeat of diplomatic and political contretemps between the governments of Venezuela and the United States, the oil business is moving ahead just the same. Harvest Natural Resources, a U.S. energy company, created a joint venture with Corporacion Venezolana de Petroleo (CVP), a unit of state-owned oil company Petroleos de Venezuela (PDVSA). CVP will own 60% of the company, which will develop oilfields in the Venezuelan state of Monagas. PDVSA recently asked the Congress for permission to take control of all oilfields in the country, making foreign investors minority partners. At the same time, it is spending $83 million to pay off bondholders and to satisfy debts in U.S. markets, and it registered with U.S. regulators.