Oil/News
ConocoPhillips Chief Economist Estimates Venezuela Would Need a Decade and Tens of Billions of Dollars to Restore Oil Production
Helen Currie stated at a Baker Institute event that real stability, reasonable fiscal conditions and a solid legal system are required to reach historical extraction levels.
According to the source consulted, according to the report consulted, Helen Currie, chief economist at ConocoPhillips, stated at a Baker Institute conference at Rice University that Venezuela would need at least a decade and tens of billions of dollars to recover its oil production capacity.
Currie indicated that prerequisites include real stability, reasonable fiscal conditions and a solid and lasting legal system. Current production stands at around 1.2 million barrels per day according to August data.
The report consulted also notes that the EIA has pointed to infrastructure deterioration due to lack of investment and an electricity deficit exceeding 1,500 MW.
Currie’s statements represent the main available estimate on the timelines and resources needed to reverse the decline in Venezuelan production.
