Venezuela no longer has any operational oil rigs after the last oilfield services firm that was still drilling for oil in the country holding the world’s largest crude oil reserves pulled its only rig out of service. As of June 2020, Venezuela had one operational rig, according to the monthly international rig count of Baker Hughes. However, after U.S. supermajor Chevron suspended its operations in Venezuela because of the U.S. sanctions on Nicolas Maduro’s regime, Chevron’s contractor Nabors Industries has shut down its activity, Sergio Chapa of Houston Chronicle reports . In the second quarter, Chevron fully impaired its US$2.6 billion investment in Venezuela because of uncertainties over the current operating environment and overall outlook, which contributed to the worst loss at the U.S. supermajor in three decades. In Venezuela, “the exit of our main customer has led to a shutdown of our activity,” Tony Petrello, president and CEO […]