In Venezuela, Big Oil Ponders How To Deal With Orinoco

The gently rolling grasslands of Venezuela’s Orinoco belt are a frontier oil area in more ways than one.
Not only are international companies learning how to economically produce unconventional crude oil, they’re dealing with a newly-empowered national government bent on more control of its resources.
As the balance of power shifts in favor of the latter, some analysts think the only option is surrender. Only those firms willing to bend to increasingly draconian rules will manage to stay, not just in Venezuela, but in other major oil and gas producers like Russia which are also tightening the screws on foreign companies at a time when they’re ever more eager to tap new oil.
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