“Chevron’s potential new oil license, however, wouldn’t necessarily mean that production would rapidly increase, according to the WSJ. That’s in part due to the company’s challenges in managing fuel shortages, oil infrastructure prone to accidents, security and corruption issues.”
Only some refineries can handle Venezuela’s difficult oil and I keep reading that all refineries are running full out.
Who is going to refine this oil and how quickly?
I’m looking but I don’t see which fields Chevron will operate. It just says “run down”. Their older fields are very light.
On the other hand US companies had been doing a lot of work there to make the heavy oil sellable, before Hugo basically screwed them out of it. Maybe they’ll pick up where they left off.
I’m sure bribes are built in, Maduro has been promised some kind of immunity for himself and his inner circle, and the money for the project will be insured by the US taxpayer. You know it’s illegal for an oil company to pay a bribe, but not for the US government.