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...year that the state own a majority stake in heavy-oil developments. Two major investors, ExxonMobil and ConocoPhillips, walked away, taking critical technology with them. Abandoning its Petrozuata and Hamaca heavy-oil ventures, plus an offshore project, cost Conoco $4.5 billion in impairment charges. The French oil corporation Total signed a deal earlier this month to help fill the void. Still, Venezuela's output "is declining," says Rafael Quiroz, an oil economist at Venezuela's Central University. "If it dips below 2.1 m.b.d. ... it could bankrupt the industry...
...delivering to the U.S.--about 1.3 m.b.d., or 12% of U.S. imports. They also insist that in the next few years, investment and output will climb. In 2005 PDVSA launched a seven-year plan, but analysts consider its goals--5.5 m.b.d. by 2012 and $11 billion a year in total investment--a pipe dream. Investment reached half that last year...
...total construction cost for LISE looms around $155 million, slightly more than the original projected cost of $152 million, according to FAS Director of Capital Projects Stephen L. Needham...
...first six games, Harvard’s two star guards, Lin and Housman, were silent for the first half. Housman failed to score while Lin only managed four points over the first twenty minutes. Slowly but surely, however, the two got it going. Lin finished with 10 points in total, and Housman, who didn’t have a point until 12:00 minutes left in the game, led the Crimson to a much-needed win with his late-game heroics. “I’m not going to stop shooting because I had a rough game...
...many Western citizens today simply cannot be universally adopted. Instead, according to one environmentalist, if climate cataclysms are to be averted, we will have to reduce per capita carbon emissions to around 0.4-0.5 tons annually (the average American emits six tons). This is almost surely impossible barring a total transformation of current structures of consumption and production. As another, no less ominous example, consider the fact that mainstream economics has no answers for the displaced rural masses coalescing on the outskirts of monstrous megacities across the global south. As per capitalist logic, their inability to compete with large-scale...