Future Cloudy for Venezuela’s Crucial Oil Sector

Reuters Africa reports that Venezuelan President Hugo Chavez’s shock announcement about his health has raised doubts about prospects for the South American nation’s oil industry.

The market news is quoted as saying:

The Energy Ministry says some new Orinoco production could begin as early as this year, while most of the blocks are expected to begin pumping tar-like oil in 2012 or 2013. Upgraders to turn that into lighter, more-valuable synthetic oil are due to be ready several years later. But the projects need investment to turn the heavy oil into lighter synthetic crude that can be processed by traditional refineries.

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