News Formal

Venezuela’s Oil Industry Is Fueling An Environmental Disaster | OilPrice.com

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 68%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Venezuela is experiencing an environmental catastrophe due to the ruthless exploitation of its oil resources by the Maduro regime, leading to an alarming increase in oil spills and toxic emissions.

as a result of autocratic president Nicolas Maduro ruthlessly exploiting the petrostate’s vast oil resources. Strict U.S. sanctions, which cut Caracas off from global financial and energy markets, along with sharply weaker oil prices and plummeting oil production, forced Maduro to secure alternate sources of income as Venezuela’s finances crumbled.

or an average of around 40 per year. During the second half of 2022, from July to December, the environmental think tank recorded 35 oil spills on Venezuelan territory. Those numbers further underscore that the volume of spills as well as other environmentally damaging incidents caused by oil industry operations, are spiraling out of control.

Oil was first discovered near Lake Maracaibo in 1914, with commercial production commencing in 1922. That early oil rush saw poorly planned and maintained petroleum facilities installed around and on the lake for roughly a century or even more. Ramshackle and heavily corroded pipelines, oil derricks, subsurface storage facilities and other oil infrastructure crisscrosses the lake as well as its shores.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Industry groups complain people confused by click-to-cancelMaking it easy to exit subscriptions will just baffle everyone, FTC told
Source: TheRegister - 🏆 67. / 61 Read more »

GST: India's online game tax could kill a booming industryThe industry says it has been blindsided by the government's 'catastrophic' tax decision.
Source: BBCTech - 🏆 81. / 55 Read more »

Oil Companies Strive For Profits As They Prepare For A Greener Future | OilPrice.comDespite committing to renewable energy and decarbonisation efforts, the world's largest oil companies are still investing heavily in oil and gas, driven by current high demand and the desire to maximize profits before the predicted decrease in oil use.
Source: OilandEnergy - 🏆 34. / 68 Read more »