RE:RE:Just a heads upYes jleer42, the reknown oil expert here in Venezuela Jose Toro Hardy says that it'll take an investment of about $10 billion per year for 5 years to get back to what Venezuela was producing pre-Chavez of 3.6 million barrels per day.
He estimates that there are about 15,000 wells sanded and/or water coned off because the commies were pumping on them too hard trying to increase production but all that they managed to do was screw up the wells. They all need remedial, workovers to get them back to production.
Plus the pipelines and oil processing infrastructure is in sad shape as well. Elections are next year 2024. The leading choice for president with 80% support, Maria Corina Machado vowed to privatize the natiinal oil company PDVSA and open the industry right up. So, at this point, this situation is something to keep an eye on as well as new pipelines in Canada as far as supply growth goes.