Energy
Venezuela oil czar in surprise resignation amid graft probes
A boy jumps near the “Los Petroleros” sculpture that shows two men working on an oil drill of Petroleos de Venezuela, S.A, PDVSA, on the Sabana Grande boulevard, in Caracas, Venezuela, March 20, 2023. Venezuela’s oil czar, Tareck El Aissami announced his resignation on Twitter and pledged to help investigate any allegations involving PDVSA. (AP Photo/Ariana Cubillos)
By Regina Garcia Cano in Caracas
CARACAS, Venezuela (AP) — The man responsible for running Venezuela’s oil industry — the one that pays for virtually everything in the troubled country, from subsidized food to ridiculously cheap gas — has quit amid investigations into alleged corruption among officials in various parts of the government.
Tareck El Aissami’s announcement Monday was shocking on multiple counts. He was seen as a loyal ruling party member and considered a key figure in the government’s efforts to evade punishing international economic sanctions.
And he led the state oil company PDVSA in a Venezuelan business sector widely considered to be corrupt — in a country where embezzelment, bribery, money laundering and other wrongdoing are a lifestyle.
“Obviously, they are giving it the patina of an anti-corruption probe,” said Ryan Berg, director of the Americas program at the Center for Strategic and International Studies, a Washington-based think tank.
“Rule of law is not being advanced here,” Berg added. “This is really a chance for the regime to sideline someone that it felt for some reason was a danger to it in the moment and to continue perpetuating acts of corruption once particular individuals have been forced out of the political scene.”
Hours after El Aissami revealed his resignation on Twitter, President Nicolás Maduro called his government’s fight against corruption “bitter” and “painful.” He said he accepted the resignation “to facilitate all the investigations that should result in the establishment of the truth, the punishment of the culprits, and justice in all these cases.”
Venezuela’s National Anti-Corruption Police last week announced an investigation into unidentified public officials in the oil industry, the justice system and some local governments. Attorney General Tarek William Saab in a radio interview Monday said that at least a half dozen officials, including people affiliated with PDVSA, had been arrested, and he expected more to be detained.
Among those arrested is Joselit Ramirez, a cryptocurrency regulator who was indicted in the U.S. along with El Aissami on money laundering charges in 2020.
Corruption has long been rampant in Venezuela, which sits atop the world’s largest petroleum reserves. But officials are rarely held accountable — a major irritant to citizens, the majority of whom live on $1.90 a day, the international benchmark of extreme poverty.
“I assure you, even more so at this moment, when the country calls not only for justice but also for the strengthening of the institutions, we will apply the full weight of the law against these individuals,” Saab said.
Oil is Venezuela’s most important industry. A windfall of hundreds of billions in oil dollars thanks to record-high global prices allowed the late President Hugo Chávez to launch numerous initiatives, including state-run food markets, new public housing, free health clinics and education programs.
But a subsequent drop in prices and government mismanagement, first under Chávez’s government and then Maduro’s, ended the lavish spending. And so began a complex crisis that has pushed millions into poverty and driven more than 7 million Venezuela to migrate.
PDVSA’s mismanagement, and more recently economic sanctions imposed by the U.S., caused a steady production decline, going from the 3.5 million barrels a day when Chávez rose to power in 1999 to roughly 700,000 barrels a day last year.
David Smilde, a Tulane University professor who has conducted extensive research on Venezuela, said the moves by Maduro’s government are more than just an effort to clean its image.
“Arresting important figures and accepting the resignation of one of the most powerful ministers in a case that involves $3 billion does not improve your image,” he said. “It is probably because the missing money actually has an important impact on a government with serious budgetary problems.”
The Biden administration recently loosened some sanctions, even allowing oil giant Chevron for the first time in more than three years to resume production. Maduro’s government has been negotiating with its U.S.-backed political opponents primarily to get the sanctions lifted.
U.S. congressional researchers saw El Aissami as an impediment to Maduro’s goals.
“Should Al Aissami remain in that position, it could complicate efforts to lift oil sanctions,” a November report from the Congressional Research Center said.
The U.S. government designated El Aissami, a powerful Maduro ally, as a narcotics kingpin in 2017 in connection with activities in his previous positions as interior minister and a state governor. The Treasury Department alleged that “he oversaw or partially owned narcotics shipments of over 1,000 kilograms from Venezuela on multiple occasions, including those with the final destinations of Mexico and the United States.”
Under the government of Chávez, El Aissami headed the Ministry of Internal Affairs. He was appointed minister of oil in April 2020.
“El Aissami was a key player in the Maduro government’s sanctions evasion strategy. We’re talking about someone who knows where all the bodies are buried, so it will be key to watch where he ends up,” said Geoff Ramsey, a senior fellow at the Atlantic Council focused on Colombia and Venezuela. “If El Aissami ends up being implicated himself, it could have serious implications for the entire power structure.”
In September, Maduro’s government renewed wrongdoing accusations against another former oil minister, Rafael Ramírez, alleging he was involved in a multibillion-dollar embezzlement operation during the early 2010s that took advantage of a dual currency exchange system. Ramírez, who oversaw the OPEC nation’s oil industry for a decade, denied the accusations.
In 2016, Venezuela’s then opposition-led National Assembly said $11 billion went missing at PDVSA in the 2004-2014 period when Ramirez was in charge of the company. In 2015, the U.S. Treasury Department accused a bank in Andorra of laundering some $2 billion stolen from PDVSA.
Energy
It should not take a crisis for Canada to develop the resources that make people and communities thrive.
From Resource Works
Canada is suddenly sprinting to build things it slow-walked for a decade.
“Canada has always been a nation of builders, from the St. Lawrence Seaway to Expo 67. At this hinge moment in our history, Canada must draw on this legacy and act decisively to transform our economy from reliance to resilience. We are moving at a speed not seen in generations,” announced Prime Minister Mark Carney at the end of August.
He was echoed by British Columbia Premier David Eby shortly after.
“There’s never been a more critical time to diversify our economy and reduce reliance on the U.S., and B.C. is leading the way in Canada, with clean electricity, skilled workers and strong partnerships with First Nations,” the premier stated after his government approved the Ksi Lisims LNG project, led by the Nisga’a nation.
In the face of President Donald Trump’s tariffs, Ottawa has unveiled a first wave of “national projects” that includes an expansion of LNG Canada to 28 million tonnes a year, a small modular reactor at Darlington, two mines, and a port expansion, all pitched as a way to “turbocharge” growth and reduce exposure to a trade war with the United States.
The list notably excludes new oil pipelines, and arrives with rhetoric about urgency and nation-building that begs a simple question: why did it take a crisis to prioritize what should have been routine economic housekeeping?
The most tangible impact of resource projects can be observed in the impact it has on communities. The Haisla Nation is enjoying an economic renaissance with their involvement in the LNG Canada project on their traditional lands, which became operational in June.
Furthermore, the Haisla are set to unveil their own facility, Cedar LNG, in 2028. Already, the impact of employment and strong paycheques in the community is transforming, as former Haisla Chief Councillor Crystal Smith as attested many times.

Former Haisla Chief Councillor Crystal Smith.
“Let’s build a bright and prosperous future for every Canadian and every Indigenous person that wants to be involved, because change never happens inside of our comfort zones, or the defensive zone,” said Crystal Smith at a speech delivered to the 2025 Testimonial Dinner Award on April 24 in Toronto.
Fortunately, the new pro-resource posture has a legislative backbone. Parliament passed the One Canadian Economy Act to streamline approvals for projects deemed in the national interest, a centrepiece of the government’s plan to cut internal trade barriers and fast-track strategic infrastructure.
Supporters see it as necessary in a period of economic rupture, while critics warn it risks sidelining Indigenous voices in the name of speed. Either way, it is an admission that Canada’s previous processes had become self-defeatingly slow.
British Columbia offers a clear case study. Premier David Eby is now leaning hard into liquefied natural gas. His government and Ottawa both approved the Nisga’a Nation-backed Ksi Lisims LNG project under a “one project, one review” approach, with Eby openly counting on the Nisga’a to build support among neighbouring nations that withheld consent.
It is a marked turn from earlier NDP caution, framed by the premier as a race against an American Alaska LNG push that could capture the same Asian markets.
Yet the pivot only underscores how much time was lost. For years, resource projects faced overlapping provincial and federal hurdles, from the Impact Assessment Act’s expanded federal reach to the 2018 federal tanker ban on B.C.’s north coast.
Within B.C., a thicket of regulations, policy uncertainty, and contested interpretations of consultation obligations chilled investment, while political positions on pipelines hardened. Industry leaders called it “regulatory paralysis.” These were choices, not inevitabilities.
The national “go-fast” stance also arrives with unresolved tensions. Ottawa has installed a Calgary-based office to clear and finance major projects, led by veteran executive Dawn Farrell, and is touting the emissions performance of LNG Canada’s expansion.

Dawn Farrell, head of the Major Projects office in Calgary.
At Resource Works, we wholeheartedly endorsed the move, given the proven ability and success of Dawn Farrell in the resource industry. It must also be acknowledged that the major projects office will only be an office unless it meaningfully makes these projects happen faster.
A decade that saw eighteen B.C. LNG proposals produced one major build, and moving to LNG Canada’s second phase is entangled with power-supply constraints and policy conditions. That slow cadence is how countries fall behind.
If the current urgency becomes a steady habit, Canada can still convert this scramble into lasting capacity. If not, the next shock will find us sprinting again, only further from the finish line.
Resource Works News
Energy
A picture is worth a thousand spreadsheets
From Resource Works
What if the secret to understanding Canada’s energy future lies not in spreadsheets but in storytelling?
When I think about who has done the most to make sense of Canada’s energy story — not just in charts and forecasts but in human terms — Peter Tertzakian sits near the top of that list. He’s an energy economist, author, and communicator who has spent decades helping Canadians understand the world beneath their light switches and fuel gauges — and why prosperity, energy, and responsible development are inseparable.
Peter is the founder and CEO of Studio.Energy. He is also widely known as the founder of the ARC Energy Research Institute and co-host of the ARC Energy Ideas podcast, alongside Jackie Forrest. Week after week, they unpack what’s happening in the markets, in technology, and in policy, always with the rare gift of clarity. He’s also the author of two influential books, A Thousand Barrels a Second and The End of Energy Obesity, both written long before “energy transition” became a household term.
When we sat down for our Power Struggle conversation, I mentioned how remarkable it is that someone with Peter’s credentials — an economist, investor, and advisor to industry — is also an exhibiting artist whose photography can regularly be found in a gallery in the Canadian Rockies. That’s when he smiled and said what has become one of his signature lines: “I’ve always said a picture is worth a thousand spreadsheets.”

What followed was a fascinating discussion about how visual storytelling can bridge the gap between data and understanding. Peter explained that what began as a hobby has evolved into a personal quest to communicate complex energy subjects more effectively. His photographs, which range from industrial scenes to landscapes shaped by human activity, help connect the emotional and analytical sides of the energy story. The pictures, he said, reveal the same truths that his spreadsheets do — only in a way that more people can feel.
That resonates deeply with what we do at Resource Works — translating complexity into clarity so that Canadians can see how responsible resource development strengthens communities, funds public services, and opens doors for Indigenous partnerships. Like Peter, we believe that understanding energy isn’t about choosing sides; it’s about understanding systems, trade-offs, and the people behind the numbers.
Peter’s concern — and one I share — is how difficult it has become to find truth amid the noise. “People are bombarded by noise, especially today. And not all of that noise is true,” he said. “The challenge now is extracting the signal.” Whether you’re a policymaker, a corporate leader, or just someone trying to make sense of global change, Peter’s approach is to step away from confrontation and toward comprehension. His ability to blend visuals, narrative, and numbers makes complicated issues accessible without oversimplifying them.
Prosperity, Not Population, Drives Energy Demand
Our conversation also turned to the forces shaping global energy demand. Peter reminded me that the biggest driver isn’t population growth — it’s prosperity. “When a person moves from a rural setting to a city, their energy consumption goes up twentyfold, sometimes more,” he said. The story of urbanization, particularly in China, explains much of the past few decades of energy growth. Renewables have slowed that curve, but as Peter points out, “our use of fossil fuels is still growing.”
What I most admire about Peter is that he doesn’t preach. “I don’t have all the answers,” he told me. “My role is to discuss treatment options — not to perform the surgery.” It’s a refreshingly honest stance in a world where too many experts claim certainty.
On Power Struggle, Peter Tertzakian reminded me why he’s so respected across the energy world: he brings intelligence without ego, curiosity without ideology, and a deep respect for the audience’s ability to think. His work reminds us that Canada’s resource story — when told with honesty and creativity — is one of innovation, community, and shared prosperity. And that storytelling — visual, verbal, and numerical — remains our most powerful tool for navigating change.
- Power Struggle audio and transcript
- Peter Tertzakian in Arc Energy Research Institute podcasts
- Peter Tertzakian on X
- Peter Tertzakian on LinkedIn
- Stewart Muir on X
- Stewart Muir on LinkedIn
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