Oil Economy Focus Rapid Review
Venezuelan oil expert Carlos Mendoza Potellá was interviewed recently by the “Panorama” newspaper: he referred to the deterioration of the country’s petroleum industry but saw an opportunity to confront the crisis through the old wells in Zulia State and those in the north of Monagas State and Anzoátegui State. He noted that the ten traditional fields in Maracaibo have 13 billion barrels of reserves, which is more than the combined reserves of Colombia, Brazil, Ecuador, Peru and Argentina, but they have been completely neglected. With respect the Orinoco Oil Belt, Mendoza considered that business is not viable with oil prices below $114.
LINK TO THE SOURCE ARTICLE: Venezuela: Is it time for a new oil policy?
