economy
'Ready to be exploited': amid rust, weeds and power cuts, Venezuelans hope for a new oil boom
The infrastructure is crumbling and the government shaky, but memories exist of an industry that once thrived off Venezuela’s vast reserves of crude – and could do again, despite the climate crisis
TL;DR
- Campo Boscán, a major oil complex in western Venezuela, suffers from severe neglect and decay.
- Chevron has increased its involvement in Venezuela through a joint venture with the state company PDVSA.
- A reform of Venezuela's hydrocarbons law aims to allow for minimal state participation in oil production and export.
- Industry leaders remain hesitant to invest due to political instability and regulatory uncertainty.
- Restoring electricity infrastructure and specialized talent are critical needs for reviving the oil sector.
- Venezuelan workers express hope for economic recovery and improved living standards through a potential oil boom.