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What It Would Really Cost to Take Venezuelan Oil Output to Alberta-Level Production: Why the Price Tag Goes Far Beyond Drilling
Views: 253 Venezuela’s oil endowment is undeniably vast. The country claims roughly 300 billion barrels of proven crude reserves, a figure larger than those of Saudi Arabia and Iran. Yet actual output tells a starkly different story: after decades of underinvestment, mismanagement, and international sanctions, Venezuela’s production has collapsed to well below one million barrels per day, a fraction of the levels that once made it a leading global producer. By contrast, Alberta’s oil complex routinely delivers multiple millions of barrels per day from its sands and conventional fields, underpinned by sustained capital expenditure, skilled labor, and decades of institutional …
