The Venezuelan Oil Thread
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@renauda I had a friend whose brother worked in Venezuela in the late 1990s. She was constantly worried of him given the violence and cartels, how they were surrounded by armed protection 24/7 .
I know a little bit more of shale than I do of heavy oil. But many of my neighbors are up in places like Kearl where it really does take advanced knowledge, skills, guts to get the sticky stuff from the ground, then hauled out. Do they use robotics with rigs in Venezula? How about autonomous operations like hauling? Has Venezula advanced over time like we have? I’ll have to read more of it. I agree with what others imply. I think the Texans will sit back and wait. There’s too much risk now. -
@renauda I had a friend whose brother worked in Venezuela in the late 1990s. She was constantly worried of him given the violence and cartels, how they were surrounded by armed protection 24/7 .
I know a little bit more of shale than I do of heavy oil. But many of my neighbors are up in places like Kearl where it really does take advanced knowledge, skills, guts to get the sticky stuff from the ground, then hauled out. Do they use robotics with rigs in Venezula? How about autonomous operations like hauling? Has Venezula advanced over time like we have? I’ll have to read more of it. I agree with what others imply. I think the Texans will sit back and wait. There’s too much risk now.Do they use robotics with rigs in Venezula?
I doubt they have used any robotic rigs unless either the Russians or Chinese brought in a couple. Not likely though. Anything that remained in PDVSA from before Chavez would have old tech the American and Canadian contractors left behind. Anything of technical value they would have expedited out of Vz or rendered it inoperable if they couldn’t get it out of the country.
In Robotics never became widely used here until the 2000s. Twenty years ago even there remained a lot of scepticism in the drilling industry about automated equipment on the drill floor. I understand that only changed in last 15 years when the big rig manufacturers like NOI acquired the small manufacturers building automated rigs. The vast bulk of rigs out there still operate as before but are retrofitted with robotic components on the drill floor.
How about autonomous operations like hauling?
Not sure what you mean. Like an in situ bitumen mining operation as in Ft. Mac?
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@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 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.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.
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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.
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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.
