Thanks to Lila Vanorio and Aljazeera for the Headline.
Venezuela’s oil has become a free for all now with the support of their parliament. Overnight with Maduro’s departure, the reforms that Hugo Chavez put in place to Nationalise the Oil Industry under the state-owned oil Company PDVSA in 2006 have been thrown to the wind with the backing of a £500billion energy agreement from the United States. “Stop Oil” protesters eat your heart out.
I often wonder about the practicality of these things , but the main drivers to achieve a more open oil industry is allowing external private companies to purchase interests in Venezuelan Oil projects, permit the opening of bank accounts in any currency and jurisdiction ( profits will go back to investing country ) and while stating that PDVSA still will maintain a majority stake in joint ventures , but allow minority partners to exercise technical and operational management( does the Venezuelan Government feel they lack the technical know how of the likes of Red Adair the famous Texas Oil Driller).
I’ve probably oversimplified the situation, but Delcy and Donald seem to have come to an agreement and everyone has forgotten about the kidnapping of Maduro. Nice to know that one of the main concerns of the major American Oil Companies has been addressed , in that there will be Arbitration and Legal redress for businesses working in Venezuela, this follows the disaster where the American Oil Companies were thrown out in 2006,their fingers were burnt and they do not want that to happen again.
Already the oil revenues have increased for Venezuela which is going to help their economy, the bill still needs to go through a second reading . Does the World want or need Venezuelan Oil? We will have to wait and see, there are Hydrocarbon agreements in place Internationally .Can we really afford to live with this and what impact is this going to have on the environment in Venezuela or indeed the World? A powerful headline indeed with lots of food for thought.
Namaste and Thank You for Reading.🙏
thenotsomightyom 