RE: LeoThread 2026-01-07 02-23

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U.S. oil firms like ExxonMobil and ConocoPhillips left Venezuela in 2007 after Hugo Chavez nationalized the oil sector

International arbitration awards granted the companies billions of dollars, but Venezuela has paid only a fraction

leofinance
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Those firms developed the technology to make heavy, low-quality oil viable and spent billions building Venezuela’s oil infrastructure, while the state earned significant revenue from taxes and royalties

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Socialists seized an industry that was producing about 3 million bpd, and subsequent mismanagement caused output to fall to roughly 1 million bpd

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