What is being forgotten in the fight between Maduro and Guaido is that whoever wins, the impetus on the victor will be on maximising output from the country’s oil reserves to help alleviate the country’s crippling economic problems. Because much of this is heavy oil, it is extremely carbon intensive to produce. And that can only be bad news for the climate.
Whilst international attention has focussed recently on the ecological and climatic impact of the tar sands, another heavy oil boom is happening which is equally important. Just three years after a spate of nationalisations in the heavy oil belt of Orinoco, Venezuela has once again signed deals with foreign companies that require investments of up … Read More
Exxon Mobil and ConocoPhillips have decided to abandon their heavy crude oil projects in eastern Venezuela rather than cede majority ownership and operating control to the government. Yesterday was the deadline set by President Hugo Chavez for the six foreign owners of four mega-projects in Venezuela’s Orinoco Belt region to agree to terms of turning … Read More