US Eyes $100B Venezuela Oil Revival Amid Ruin & Sanctions

• Venezuela's oil industry, once a powerhouse, is now crippled by dilapidated infrastructure, closed refineries, and looted rigs.
• The US plans a massive revival effort, potentially requiring over $100 billion investment in 10 years to restore production to 1970s levels.
• Major challenges include severe infrastructure decay, widespread oil spills, political instability, and ongoing US sanctions.
• Chevron is currently the only major US company operating, handling 25% of Venezuela's output under a special license.
• Former operators like ExxonMobil and ConocoPhillips might return, but only with clear political stability and favorable contract terms.

Why It Matters: Reviving Venezuela's oil industry is a $100 billion gamble for the US, fraught with political and infrastructural challenges.