One of America’s most successful “wildcatters” is poised to explore for oil in Venezuela after agreeing a draft deal with the country’s authorities and buying seismic data to gain a head start on rivals. “It has dreamland geology and a gigantic resource,” said Bill Armstrong, सारे.

Armstrong made his name on Alaska’s North Slope, where his 2013 Pikka discovery transformed perceptions of a basin many companies had written off. By the end of that decade he had sold his stake for $850mn to Oil Search, later acquired by Australia’s Santos. His return to frontier exploration comes amid a recovery in wildcatting, with global exploration spending forecast to hit $27bn this year.

Armstrong has also spent $22mn on new leases in what he calls the “world’s hottest oil play” and is now focused on Venezuela’s prize. He met US‑backed interim president Delcy Rodríguez in Caracas and bought seismic data, which he said is essential for modern exploration.

Despite frustration with former presidents, Armstrong dismisses the idea that oil demand has peaked and argues green politics threaten energy security, calling windfall taxes “shooting companies in the head.”