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Venezuela's Oil Infrastructure: A $100B Roadblock
Published 4 days, 1 hour ago
Description
Venezuelas oil production is hampered by crumbling infrastructure, with potential repair costs ranging from $58 billion to over $100 billion. The Carabobo field in the Orinoco Belt is running at just one-third of its target capacity due to missing drilling rigs, worn-out equipment, and a single functioning heavy crude upgrader. Satellite scans reveal corroded tanks, half-built storage facilities, and refineries operating at less than 20% capacity. The decay began in the early 2000s due to nationalizations, corruption, and U.S. sanctions, leading to a brain drain and nationwide blackouts. A new report suggests that while sanctions could be lifted for quick output gains, massive cash, legal fixes, and skilled hands are needed to overcome this infrastructure wreck and enable a real oil comeback.
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