Frankly, I'm surprised people think Venezuela has lots of oil to exploit. Ever since Chavez took control of PDVSA in 2002, it's continuously increased its reported reserves each year by ridiculous amounts despite not finding any significant new fields. I wouldn't trust PDVSA's declared reserves any more than I would any other statistical info from their government.
Good point....
At the same time we have tons of new Tech running out of Houston and elsewhere to turn what might have been minor oil fields, and extract much more using the new tools available....
We have seen similar Tech used to take marginal oil fields and turn around massive profits over the past decade or two in Texas and elsewhere.....
If that tech were suitable for Venezuelan oil fields, you'd think by now a Russian or Chinese oil company would've done so. That they haven't suggests one of two things. It ain't there, or even the Russians and Chinese weren't willing to seal with corruption as pervasive as Venezuela's kleptocracy.
or they lack the tech/haven't stolen the tech yet?
