The Venezuelan Oil Thread

[blondie]

@renauda Yes. If you google Kearl autonomous hauling you can see lots of video. Imperial’s entire fleet of haulers (Catepillar 797s) run without drivers. And, they are refuelled with robotics.
I’ll have to ask what type of other robotic operations are done with the oil sands. The guys on my street love talking to me of what they do up there.

[Renauda]

@blondie

Got it!

I doubt with high certainty there is anything like that in Vz.

Edit: we use that tech here because we mine the bitumen. Recovery in VZ is by either waterflood or cold heavy oil production. Pretty basic and inefficient recovery - 10% at best.

[Axtremus]

@Renauda said in The Venezuelan Oil Thread:

Pretty basic and inefficient recovery - 10% at best.

Just curious ... does that 10% mean they only recover 10% of the oil that's in whatever it is that passes through their process?

[Renauda]

Yes, 90% often remains in situ (underground in the formation) owing antiquated recovery methods and until modern enhanced recovery methods are utilised it will remain unrecoverable. Also many of the existing producing wells are already badly damaged by water flooding recovery. Others stopped producing altogether long ago.

[Axtremus]

@Mik said in The Venezuelan Oil Thread:

... I suspect companies are going to want to see Venezuela stabilized and on a capitalist track

Does "state capitalism" count?

[jon-nyc]

said in The Venezuelan Oil Thread:

We’re already in fool me twice territory.

This was during the meeting with Trump yesterday:

Darren Woods, who leads the largest U.S. oil company, Exxon Mobil, was especially blunt during a televised portion of the meeting.

“We’ve had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes,” he said. “Today it’s uninvestable.”

[jon-nyc]

Trump is saying the oil companies need to invest their own money, but he’ll provide the security.

As a CEO how could you commit billions based on that? Not just speaking Trump’s word, but what guarantees do you have that the next president will commit the DoD to trump’s project of stealing Venezuelan oil? Seems like at best a 50/50 bet.

[Mik]

At best. Hell, the next president might well pardon Maduro and put him back in power.

[Renauda]

So let’s pretend Vz stabilises in near future and the government there requests Maduro to be returned home to stand trial for many crimes he committed while President? Seems that would be a legitimate request. No?

[jon-nyc]

This is interesting. The story is behind a paywall but the gist is Trump is trying to shield the Venezuelan oil money that (he thinks) he gets to control from creditors who would be entitled to it.

It’s ironic because he says Venezuela stole ‘our’ oil. What they actually stole is the assets of the creditors. But he’s blocking them from being made whole. No idea how successful he’ll be.

[kluurs]

At their meeting at the White House, Darren Woods, CEO of Exon, told DJT that Venezuela was "uninvestiable". US oil companies invested 500 billion dollars in Canada. investing in Venezuela is contraindicated as it would drive down the value of that investment. US oil has already dramatically cut drilling and employees in the US - not exactly "drill baby drill".

[jon-nyc]

said in The Venezuelan Oil Thread:

Trump is saying the oil companies need to invest their own money, but he’ll provide the security.

That was yesterday, this is today:

[Renauda]

@kluurs said in The Venezuelan Oil Thread:

At their meeting at the White House, Darren Woods, CEO of Exon, told DJT that Venezuela was "uninvestiable". US oil companies invested 500 billion dollars in Canada. investing in Venezuela is contraindicated as it would drive down the value of that investment. US oil has already dramatically cut drilling and employees in the US - not exactly "drill baby drill".

Somebody’s now on Santa Don’s naughty list.