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$Colombia and Latin America
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Russia Is Beating China to Venezuela's Oil FieldsBY THOMAS W. O'DONNELL The profits, politics and luck behind Russia's growing footprint. Comments: Russian JV production at 219,000 bopd; Chinese JV production at 179,000 bopd. Not much difference.... I wonder what the 'real' return on capital is for both JV partners. This is a jurisdiction where private companies have been moving out and staying away. I also wonder if the investments by Russia and China are completely secure. Regime change may bring with it a strong popular desire to punish those that cooperated with the old regime. On a personal level, I would be tempted to shave the heads of collaborators and make them walk the gauntlet of the streets. Needless to say, there is nothing here to suggest that Venezuela will voluntarily cut production to push oil prices higher. |
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