Francisco J. Monaldi, director of the Latin America Energy Program at Rice University’s Baker Institute for Public Policy: “In terms of private investors, Chevron is poised to have the most impact in Venezuela. The U.S. oil major was already investing, having the only oil drilling rigs operating in the country. It will likely add two more rigs in short order and increase its investment pace with an expanded OFAC license. Repsol is also likely to increase production as soon as they get an expanded license; Maurel & Prom might add a more limited number of barrels. Those are the only Western companies that are operating and have contracts in place and the capacity to move fast. All together, they could add some 300,000 to 400,000 barrels per day in one to two years. Others like Eni could follow…”
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A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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