Hearing about Venezuela and all the oil they 'HAVE' always makes me laugh. All propaganda. Yes, Venezuela has 300+ billion in the ground, but only produces ~800k bpd. They don't have the infrastructure to reach what's down there, much less the refining capacity. Even if they could reach that oil (Bitumen - imagine peanut butter with oil in it), they don't have the tech to get it out efficiently. Can't bring it up easily like light and heavy crude. US produces 21 million bpd, Saudi Arabia 12 million bpd, Russia 10 million bpd and Canada 5-6 million bpd.
The reason that Venezuela isn’t reaching their potential in drilling is because they kicked the US out and lost that access to tech improvement as well as brain power. Now imagine if Venezuela resumed that prior relationship with US oil companies. Sure, their shitty oil would have to be refined to a greater extent than other companies oil, but it could be done
If ever Venezuela builds the infrastructure and refineries to process that pain in the ass oil, much of the world will probably be on fusion and using much less oil than today. Is it possible Venezuela gets to that bitumen? Yes. Is it probable? No.
Hearing about Venezuela and all the oil they 'HAVE' always makes me laugh. All propaganda. Yes, Venezuela has 300+ billion in the ground, but only produces ~800k bpd. They don't have the infrastructure to reach what's down there, much less the refining capacity. Even if they could reach that oil (Bitumen - imagine peanut butter with oil in it), they don't have the tech to get it out efficiently. Can't bring it up easily like light and heavy crude. US produces 21 million bpd, Saudi Arabia 12 million bpd, Russia 10 million bpd and Canada 5-6 million bpd.
The reason that Venezuela isn’t reaching their potential in drilling is because they kicked the US out and lost that access to tech improvement as well as brain power. Now imagine if Venezuela resumed that prior relationship with US oil companies. Sure, their shitty oil would have to be refined to a greater extent than other companies oil, but it could be done
If ever Venezuela builds the infrastructure and refineries to process that pain in the ass oil, much of the world will probably be on fusion and using much less oil than today. Is it possible Venezuela gets to that bitumen? Yes. Is it probable? No.