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world1d ago
‘Ready to be exploited’: amid rust, weeds and power cuts, Venezuelans hope for a new oil boom
- Venezuela advances a hydrocarbons-law reform to permit greater private participation in oil production.
- Campo Boscán remains a key field where Chevron and PDVSA run a joint venture, producing over 100,000 barrels daily.
- Chevron holds a 40% stake in Petroboscán, with PDVSA controlling 60%, signaling a potential new phase in US–Venezuela energy ties.
- Analysts say electricity and infrastructure must be restored to unlock full production potential.
- US policy and political risk remain a complicating factor for investment in Venezuela’s oil sector.
- Industry leaders express divided opinions on whether the country is investable amid governance concerns.
- Local workers anticipate higher wages and a de facto dollarised economy if the reopening proceeds.
- Venezuela’s Orinoco belt holds the majority of known reserves, keeping future export potential high.
- Private firms previously faced nationalisation shocks, but some firms are still in the country through joint ventures.
- Observers caution that Venezuela's political legitimacy and regulatory framework remain major hurdles.
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