US $100bn Venezuela oil bet faces years-long wait
Venezuela is unlikely to add more than 200,000 to 300,000 barrels a day of oil production by 2030, limiting Washington's gains from taking control of about a fifth of the country's proven oil reserves. President Donald Trump's administration has moved to take control of Venezuela's oil industry since capturing former leader Nicolas Maduro in January, with plans to bring in US companies to rebuild…
President Donald Trump's administration aims to take control of Venezuela's oil industry, investing up to $100 billion in 17 projects led by Venezuelan oil baron Alejandro Betancourt and US company Blue Energy Partners. However, the country's vast oil reserves, estimated at 303 billion barrels, are primarily in the form of extra-heavy crude and bitumen, requiring significant upgrades before they can be processed and shipped.
With current production at around 1 million barrels per day, analysts predict Venezuela will only reach 3 million barrels per day by 2040, with the majority of that growth coming from existing international oil companies rather than the new projects.
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