CONUNDRUM: Nigeria, Venezuela and the worst-case scenario

Venezuela from my recent studies has over 2 Trillion Hydrocarbon reserves while total global hydrocarbon reserves is just a little over 1.2 Trillion reserves comprising of deposits in nations like United States, Saudi Arabia, Iran, Iraq, OPEC Nations and all the Gulf States ( I will need to engage my Professor again on this assertion he made)
"The proven oil reserves in Venezuela are recognized as the largest in the world, totaling 297 billion barrels (4.72×1010 m3) reserves as of 1st January 2014 in the Orinoco Basin and other resource rich regions in the country"- Wikipedia

Unfortunately, its difficult to produce from their reserves because its the heaviest crude you can find anywhere plus it needs new technological breakthroughs for serious E & P activities to be undertaken

After former driver and labour leader Nicolas Maduro took over power, he failed to accept the country was tottering on brink of collapse and economic disaster when he started having problems with all the International Oil Company (IOC's), until the issue became irreparable

I pray Nigeria another resource rich nation of just a little over 36 Billion Hydrocarbon reserves do not become another Venezuela, recall ExxonMobil like many others are divesting from Nigeria also

This conundrum can only happen and also explained when incompetent folks like Venezuelan leaders are foisted on enterprising, energetic and brilliant citizenry

By: Femi Ogunsanwo