Source: The American Conservative
by Joseph Addington
“At one time, multinational corporations operating in partnership with PDVSA made up the most productive sector of the Venezuelan oil industry, bringing technical expertise and investment that the Venezuelan government was unable or unwilling to contribute. The imposition of major sanctions meant that most of the partnerships essentially went dormant …. they are eager to put those rigs back online and make them productive once more. … But the investments from the GL50 license will be far from sufficient to return Venezuelan oil industry to its heyday in the late ’90s, when the country was pumping nearly 3.5 million barrels per day (today it pumps just under 900,000 bpd). For that, new outside investment will be needed under the GL49 — investment that so far the American energy industry has shown little interest in pursuing.” (02/25/26)
https://www.theamericanconservative.com/companies-are-skeptical-of-venezuelas-oil-fields/