The Domino Effect

摘要

Like all hydrocarbon producing regions of the world, the countries of South America are experiencing a wide range of reactions to the recent collapse of oil prices. Who stands to gain in the long run - and who stands to feel the most pain - depends on a wide range of factors. Without a doubt, Venezuela has the most to lose. Since the ascent of Hugo Chavez more than a decade ago, Venezuela's oil and gas sector has been through an unpleasant ride in the House of Horrors. The low point occurred in 2007, when the Chavez regime nationalised major projects in the Orinoco heavy oil belt region by awarding major ownership to PdVSA.