The world oil market will not feel immediate tremors after the arrest of Nicolas Maduro in Venezuela, but Bulgaria is on the verge of a strategic change in the ownership of the refinery in Burgas. This is predicted by the energy expert from the Center for the Study of Democracy Martin Vladimirov in the program "Interview in the News" on NOVA.
According to him, the entry of the American giant Chevron and the investment fund Quantum Energy into the management of the assets of "Lukoil" is a key step for national security. "This is good news because it shows the commitment of a large Western investor to take control of strategic assets", Martin Vladimirov was categorical. He added that in this way the Russian company's business in our country will fall into the hands of a geopolitical ally, instead of serving as a conduit of influence.
Although Venezuela has huge reserves, its current output is only 1% of world production, which makes its influence on prices at Bulgarian gas stations minimal in the short term. Martin Vladimirov explained that Venezuelan oil is heavy and few refineries, mainly in China and the US, have the capacity to process it.
"Nothing will change on the world oil markets", said the expert, quoted by NOVA. According to him, a serious increase in production requires billions of dollars of investment and decades of work, and within the next two years the increase may reach only 500,000 barrels per day.
The energy battle of the current century is moving to the North Pole, with Greenland becoming the strategic key to control over new sea routes and vast resources under the ice. Martin Vladimirov drew a parallel with the geopolitical rivalry of the 19th century, describing the Arctic as a storehouse for rare metals, gold and energy resources.
Regarding local production, the expert cooled expectations for quick results from gas exploration in the Black Sea. Although the activities are in an active phase, he recalled the experience of Romania, where the path to commercial production took more than a decade. Martin Vladimirov's forecast is that Bulgaria will need at least another 5 or 6 years before it begins real exploitation of its own deposits.