Posted on

Venezuela’s heavy oil project reserves will be left stranded as international players divest their interest, says GlobalData



Share

Two international oil and gas players in Venezuela, TotalEnergies and Equinor, recently divested their respective 30.32% and 9.67% interest in the largest project, Petrocedeno, to the state-owned Petróleos de Venezuela S.A (PDVSA) company. According to GlobalData, this means that due to high risks and the unstable deteriorating economy in the country, international players no longer see an upside in Venezuelan projects. The leading data and analytics company notes that with less investments supplied from the private sector, Venezuela will not be able to sustain its oil and gas industry for long, as its own cash resources are extremely limited.
Svetlana Doh, …

Read More