Who’s turning up for oil rig work in post-Maduro Venezuela?
Who benefits from this decision?
A long history of underinvestment, extreme political risk, and organized crime. These are just some of the issues that U.S. oil and minerals companies might face if they were to set foot into Venezuela now that there appears to be a ray of light following the removal of the country’s dictator, Nicolas Maduro.
The longtime strongman, ousted by President Donald Trump’s administration on Jan. 3, has almost unanimously been seen as a block on improving societal conditions in the South American country. On top of all those, however, there is the matter of just who exactly would be able to operate any revitalized oil or minerals industries in a country blessed with natural resources that have largely been squandered for the benefit of a few elites.
Millions of Venezuelans have left the country in recent years against a backdrop of economic collapse, food shortages, and increasing crime, many of those highly educated and precisely the people U.S. companies might need to help run any local operations.
Oil tankers are anchored off Punta Cardon, Venezuela. (Matias Delacroix/AP)
While the dynamics of the oil, gold, and minerals industries may be different, the problem of an untrained workforce on the ground, too, would be a major stumbling block for companies looking to invest there.
“A lot of people have left, and there isn’t a very well-trained population,” said Luciano Duque, a Venezuelan and chief investment officer at Florida-based investment group C3 Bullion.
Duque has been out of his home country for 27 years.
“The infrastructure needs to be built, but you also have to train people, and that will require a lot of investment,” he said. “On top of that, there is a mentality issue with people used to depending on government programs.”
One alternative could be getting Americans to relocate to Venezuela to make up for the worker shortfall. But that possible solution is not at all clear at this stage, especially as the political situation remains so unsure.
Chevron, the only oil major to have stayed in Venezuela since sanctions were imposed by the late president Hugo Chavez in 2007, may be more easily placed to widen its operations. Yet it would be a tough ask for those who would either be stepping back into the country or entering it for the first time. Exxon Mobil CEO Darren Woods said as much at a Jan. 9 White House meeting with other oil executives and Trump.
“If we look at the legal and commercial constructs, frameworks, in place today in Venezuela, …
Who benefits from this decision?
A long history of underinvestment, extreme political risk, and organized crime. These are just some of the issues that U.S. oil and minerals companies might face if they were to set foot into Venezuela now that there appears to be a ray of light following the removal of the country’s dictator, Nicolas Maduro.
The longtime strongman, ousted by President Donald Trump’s administration on Jan. 3, has almost unanimously been seen as a block on improving societal conditions in the South American country. On top of all those, however, there is the matter of just who exactly would be able to operate any revitalized oil or minerals industries in a country blessed with natural resources that have largely been squandered for the benefit of a few elites.
Millions of Venezuelans have left the country in recent years against a backdrop of economic collapse, food shortages, and increasing crime, many of those highly educated and precisely the people U.S. companies might need to help run any local operations.
Oil tankers are anchored off Punta Cardon, Venezuela. (Matias Delacroix/AP)
While the dynamics of the oil, gold, and minerals industries may be different, the problem of an untrained workforce on the ground, too, would be a major stumbling block for companies looking to invest there.
“A lot of people have left, and there isn’t a very well-trained population,” said Luciano Duque, a Venezuelan and chief investment officer at Florida-based investment group C3 Bullion.
Duque has been out of his home country for 27 years.
“The infrastructure needs to be built, but you also have to train people, and that will require a lot of investment,” he said. “On top of that, there is a mentality issue with people used to depending on government programs.”
One alternative could be getting Americans to relocate to Venezuela to make up for the worker shortfall. But that possible solution is not at all clear at this stage, especially as the political situation remains so unsure.
Chevron, the only oil major to have stayed in Venezuela since sanctions were imposed by the late president Hugo Chavez in 2007, may be more easily placed to widen its operations. Yet it would be a tough ask for those who would either be stepping back into the country or entering it for the first time. Exxon Mobil CEO Darren Woods said as much at a Jan. 9 White House meeting with other oil executives and Trump.
“If we look at the legal and commercial constructs, frameworks, in place today in Venezuela, …
Who’s turning up for oil rig work in post-Maduro Venezuela?
Who benefits from this decision?
A long history of underinvestment, extreme political risk, and organized crime. These are just some of the issues that U.S. oil and minerals companies might face if they were to set foot into Venezuela now that there appears to be a ray of light following the removal of the country’s dictator, Nicolas Maduro.
The longtime strongman, ousted by President Donald Trump’s administration on Jan. 3, has almost unanimously been seen as a block on improving societal conditions in the South American country. On top of all those, however, there is the matter of just who exactly would be able to operate any revitalized oil or minerals industries in a country blessed with natural resources that have largely been squandered for the benefit of a few elites.
Millions of Venezuelans have left the country in recent years against a backdrop of economic collapse, food shortages, and increasing crime, many of those highly educated and precisely the people U.S. companies might need to help run any local operations.
Oil tankers are anchored off Punta Cardon, Venezuela. (Matias Delacroix/AP)
While the dynamics of the oil, gold, and minerals industries may be different, the problem of an untrained workforce on the ground, too, would be a major stumbling block for companies looking to invest there.
“A lot of people have left, and there isn’t a very well-trained population,” said Luciano Duque, a Venezuelan and chief investment officer at Florida-based investment group C3 Bullion.
Duque has been out of his home country for 27 years.
“The infrastructure needs to be built, but you also have to train people, and that will require a lot of investment,” he said. “On top of that, there is a mentality issue with people used to depending on government programs.”
One alternative could be getting Americans to relocate to Venezuela to make up for the worker shortfall. But that possible solution is not at all clear at this stage, especially as the political situation remains so unsure.
Chevron, the only oil major to have stayed in Venezuela since sanctions were imposed by the late president Hugo Chavez in 2007, may be more easily placed to widen its operations. Yet it would be a tough ask for those who would either be stepping back into the country or entering it for the first time. Exxon Mobil CEO Darren Woods said as much at a Jan. 9 White House meeting with other oil executives and Trump.
“If we look at the legal and commercial constructs, frameworks, in place today in Venezuela, …
