The Trump administration wants to increase the extraction of Venezuela's large oil reserves, which previously amounted to more than 3 million barrels of crude oil per day. Today, Venezuela produces about 1 million barrels of crude oil per day, but according to several experts, it is unlikely that production can increase significantly in the coming years. The oil industry is worn out, the investment climate is uncertain. In addition, the oil in the country is both heavy and sulfur-rich, which makes extraction expensive and energy-intensive. This is reported by Børsen.
According to Daniel Raimi, an energy analyst and researcher at Resources for the Future, there could be a potential climate benefit if Western oil companies take over operations in Venezuela. When oil is extracted, methane often comes out of the ground, and in Venezuela large amounts are currently either emitted directly into the atmosphere or burned off. Western companies typically have better technology and stricter requirements for handling methane emissions.
- If advanced oil companies from the US or Europe move into Venezuela and take over operations, one would actually expect them to significantly reduce methane emissions, says Daniel Raimi. However, he emphasizes that it is still difficult to predict what exactly will happen in Venezuela, which makes the climate effect difficult to predict.
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