Theoretically. The actuality of it is very different though. Their oil is difficult for them to acquire and its processing costs are much higher than competitors such as Iraq or Saudi Arabia (or US shale). Their Orinoco Belt oil sands - which holds most of their reserve - would be challenging for the US or Canada to maximize the value of; they basically stand no chance at utilizing it without much higher levels of domestic development/capability (or without fully outsourcing its development).
The Orinoco Belt is composed of extra heavy crude or heavy crude, not oil sands, which is where shale comes from. While not having the same profitability as light crude, it is still better than shale.
One of the big impact of the cost of Venezuelan crude is its high content of sulfur, which makes refining more expensive, but to this day, Venezuela is one of the few countries where even with a low barrel price, the activity is profitable, or at least it should be.
But when you have a state company that has quadrupled its payroll, paying for all kinds of social services in the country, corruption, all while also diverting funds from investment, you make the operation run at a loss.
The oil sands in Canada is having a problem keeping investors with the low price and high cost of refinement. Venezuela is in a similar position where refining is concerned.
