The Venezuelan Oil Thread
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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.
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Fair point. I don't see any serious investment until 2028-29. Trump's mercurial nature aside, I suspect companies are going to want to see Venezuela stabilized and on a capitalist track
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We’re already in fool me twice territory. They nationalized the American-led industry in the 70s. Then in the 90s they invited us back in only to unilaterally dilute the companies’ stakes in the early 2000s.
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.”
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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.
The whole reason we call them illegal aliens is because they’re subject to our laws.
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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.
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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".
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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.
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:
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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".
@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.
