Atrioc

They just get comped in product of crude oil after like taxes in crude oil are counted for and all these things.

Chevron basically saw it as like, we'll meet all these terms for like a long-term holdout of eventually...

more normal operations will return to Venezuela at some point.

So we're willing to maintain this like little foot in the door that we have and accommodate you guys in whatever way we can, because eventually we see there will be opportunity in the future.

And I under this pretty much this whole time thought all of the oil companies had been like kicked out, but they had agreed to this like really stringent version of the deal.

And so what ends up happening, right, is all of these American companies and their infrastructure basically get get kicked out or don't accept that deal at the time.

The oil revenue that's coming in.

There's this surge in oil spending under Chavez towards things like social programs and things that benefit the average person, right?

But this leaves behind, they don't reinvest back into PDVSA anymore.

They're not investing in that infrastructure.

They're losing production knowledge.

And there's also this huge,

internal worker strike in 2002 or 2003, where like 18,000 national oil company workers in Venezuela go on strike and reduce production in the country to basically nothing at the time.

And then they all get fired and replaced by people more sympathetic to the Chavez like government that's in charge at the time.

So what remaining expertise that they have from like their own Venezuelan citizens at the time gets pushed out through the firing of all of these striking employees.

And so they're left with like very little knowledge and investment to maintain what remains of the oil industry after that.

And their oil production within the country just slumps.

Like it's gone down very consistently since that sort of 2002, 2003 period.

Uh, period.

Uh, and I, you know, I, I vaguely understood these things like going into the us, us like making these decisions, but little, little niche things like, Oh, well Chevron managed to hang on and like found its way in still somehow, uh, hoping basically for a moment like this where they get to be in the room with Trump and like the, the doors to investment are back open.