As a heavy oil expert, with 18 patents in heavy oil production technology development and optimizations, and prior experience as a senior technical SME at a supermajor U.S. oil company that Venezuela still owes money to….I wanted to correct some of the misguided takes circulating on X.

While Venezuela has the world's largest oil reserves, those figures do not translate directly into immediate production flow rates or rapid incremental increases, which demand substantial time and investment.
With the next budget season not arriving until Q3, U.S. producers are currently committed to ongoing projects and contractual obligations. Venezuela's oil faces uniquely difficult geology, low ultimate recovery rates, and severe infrastructure deficits. From my work alongside Venezuelans who actually operated projects there, many cited rampant corruption and logistical nightmares as reasons they left the country. At current oil prices, the massive capital required for meaningful production growth simply isn't justified—one leading expert and good friend, estimates it would take at least 3 years to double output, adding about 1 million bbl/d… so not by next week….Unlike Canada, Venezuela has zero SAGD projects ZERO !!; any greenfield heavy oil development there would require at least $30,000 per flowing barrel, meaning roughly $1 billion!! for every 30,000 bbl/d increment achievable in perhaps three years. They mainly produce cold production, which is cheaper I’ll admit!! But with slower flow rates and rely on diluents and polymers which are enhanced recoveries ( EOR) that require capital and supply of these chemicals and infrastructure… more money. Finally, people seem to overlook the U.S. Midwest (PADD 2), which already processes around 4 million bbl/d of crude, predominantly from Canada ( see pic specifically on 🇨🇦) Venezuela lacks the logistical or practical means to displace that supply. Hope this clarifies things for everyone and helps the understanding of this volatile situation. Thx 🫡🪒

点击图片查看原图