Three Dead, Six Hurt In Venezuela Oil Barge Explosion [Barron's]
Chevron Corporation (CVX)
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Source: Barrons
The explosion, whose cause is unknown, occurred at dawn, the company's security division said in a statement. The barge was operated by a PDVSA subcontractor working on well maintenance near the border with Colombia. Six months ago, two people died and four others were declared missing after the sinking of another barge of the same company on Lake Maracaibo. The PDVSA had attributed that incident to "poor weather conditions." Lake Maracaibo, the largest in South America, was once the cradle of the Venezuelan oil industry. Its facilities today are run-down due to years of mismanagement, corruption, a lack of investment, and the oil embargo imposed by the United States. Venezuela's oil production, which exceeded three million barrels
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