FORBES | The last oil rig has officially left the premises. In Venezuela, that is. There, Nabors said it had shut down its final active drilling rig as of Monday. As reported by Sergio Chapa at the Houston Chronicle, this action now brings the active rig count in that formerly prosperous socialist nation to zero. A complete flatline.
Think about that for a moment: Venezuela is home to larger oil reserves than any other nation on earth, including the United States, Saudi Arabia, Iran and Russia. Yet, because of the brutal nature and, frankly, stupidity of the Nicolas Maduro regime, not a single company is any longer willing to try to explore for that massive sunken treasure. Contrast that stark reality to Venezuela’s neighboring nations of Guyana and Suriname, democracies in which international companies like ExxonMobil, Hess, CNOOC, Apache Corp., and Total continue to invest billions in new capital in highly-successful offshore oil exploration efforts.
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