Post #58527 by Steve203 on the US Policy board

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I figured that could be handled by an allocation of the net income, as I would be surprised to see T ignore that.

Thing is, PDVSA isn't that good at running an oil industry. Prior to Chavez's nationalization, Venezuela produced about 2.8Mbpd. Now, they produce a bit under 1Mpbd

It would probably be better for Venezuela, if XOM, COP, and CVX ran the show, because higher production volumes should produce higher royalty payments to the Venezuelan treasury.

Steve

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