After nationalization Venezuela told all PDVSA workers that they either had to be loyal to Chavez or quit.
Many of the best left, knowing they could take positions with the supermajors or service contractors in other countries. PDVSA was left with a hodgepodge of lackeys and hacks who don't know what they're doing.
That problem is compounded by the fact that Venezuelan crude is a pain in the ass to deal with. Some of the nastiest on earth. Extremely heavy and sour (which is also why Venezuelan crude trades at a discount to the benchmarks).
>Venezuela's future will depend on and require foreign investments and expertise.
Well yes, but you seem to be assuming Maduro is rational on economic matters. But if that was so, the Venezuelan economy would not be in such a terrible mess.
Alas, it looks like the Chavez and Maduro governments are not really capable of calculating risks, or even understanding rational processes. They are completely ideological short-term opportunists.
Many of the best left, knowing they could take positions with the supermajors or service contractors in other countries. PDVSA was left with a hodgepodge of lackeys and hacks who don't know what they're doing.
That problem is compounded by the fact that Venezuelan crude is a pain in the ass to deal with. Some of the nastiest on earth. Extremely heavy and sour (which is also why Venezuelan crude trades at a discount to the benchmarks).