Upon hearing the news of U.S. forces launching an operation to apprehend Venezuela’s Nicolás Maduro earlier this month, Barry Blacklock’s phone was flooded with notifications.
A former resident of Venezuela for 17 years, Blacklock had settled in the country, worked in the energy industry, and gained permanent residency before departing in 2009.
“That evening, I was receiving messages from acquaintances in Canada, and since then, I’ve received around 50 to 60 diverse WhatsApp messages, emails, and phone calls,” he shared during a video call from Mexico.
Currently, he is engaged in coordinating a group of companies interested in investing and supplying equipment to Venezuela, anticipating a surge in demand for their services in the coming years. Back in 2019, he had led a similar initiative when the possibility of a regime change loomed, although it did not materialize.
“A shift is undoubtedly on the horizon. We are just uncertain about its nature,” noted Blacklock, an entrepreneur boasting over four decades of involvement in the global oil and gas sector.
Alberta boasts a considerable number of oil professionals and firms with extensive international experience. The recent intervention in Venezuela, coupled with U.S. President Donald Trump’s intention to revitalize the nation’s oil sector, has sparked cautious optimism among certain members of Alberta’s energy industry. Nevertheless, myriad challenges persist, including a volatile government and ambiguity surrounding the extent of U.S. engagement.
An Attractive Opportunity
Venezuela holds the world’s largest confirmed crude oil reserves, estimated at 303 billion barrels. However, its oil industry has suffered from a lack of fresh investments, equipment, and technology for the past two decades due to government corruption, antagonism, and state control.
“Numerous oilfields have been neglected, resulting in diminished production,” Blacklock explained. “The surface equipment, such as wellheads and pumps, has either been pilfered or left to deteriorate, rendering them worthless. They will need complete replacement.”
For foreign entities, there exists a lucrative potential for profit, especially for those in Alberta, many of whom deal with heavy oil akin to Venezuela’s crude variety.
“In Canada, we possess the capacity and expertise to offer Venezuela all these advanced technologies,” remarked Amit Mankekar, who runs consulting firms in Canada and Colombia, “which have progressed significantly over the past few decades while Venezuela lagged behind.”
Adam Waterous, the executive chair of Strathcona Resources, informed Reuters this week that he would assemble a technical team promptly from his firm, the fifth-largest oil producer in Canada, to head to Venezuela if requested.
-
Canadian heavy oil price falls, selling at largest discount in 18 months
- <a class="cardWrapper-u5T0r cardWrapper-_487P noPaddingCardWrapper" data-feature-instance="similar-link" data-feature-name="link" data-contentid="9.7033902" aria-hidden="false" data-cy="type-link" href="https://www.cbc.ca/news/can