The PDVSA Post-Chávez: Will Partnerships with the Private Sector and Chinese Experts Boost Oil Production?
The PDVSA Post-Chávez: Will Partnerships with the Private Sector and Chinese Experts Boost Oil Production?
New efforts by Venezuela’s national oil firm, PDVSA, to raise its lagging production. Is this really a change in strategy?
Throughout 2012, and especially after President Hugo Chávez’ death in early March 2013, Venezuela’s national oil firm, Petróleos de Venezuela S.A. (PDVSA), has taken measures beyond anything done in the past decade to raise its lagging production. While the likely impact merits cautious analysis, the drivers of the Bolivarian Republic’s scramble for increased oil revenues are clear.
The Bolivarian state has run into a dollar crisis, on top of a litany of other chronic ills. The state urgently needs to find a new balance such as cutting outsized populist spending and...
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