Venezuela was once a flourishing nation with the highest GDP per capita in Latin America from 1950 until the mid-1980s, [2] its main instrumentality, Petróleos de Venezuela (PDVSA), considered one of the globe’s largest state-owned companies in the oil and gas sector.[3] It still has the largest proven oil reserves in the world. Currently, however, in the arena of investment arbitration, it is the most-sued country,[4] fighting the enforcement of adverse arbitral awards and d