-PJ
“The Chevron CEO said that they weren’t going to increase investments in Venezuela, so Biden extended their license for nothing.”
Exactly. The quality of Venezuelan oil is so poor refining costs make it unprofitable vs. other regional fields. Guyana, Suriname, French Guiana and Brazil all have untapped offshore fields of lighter crude. The startup costs are just cheaper in Venezuela. But no-go cuz there’s a glut of untapped oil which is higher quality but with higher startup costs.