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.
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Trump informed the oil executives that "“So all you have to do is say to China, ‘How many windmill areas do you have in China?’ So far they are not able to find any. They use coal and they use oil and gas and some nuclear, not much. But they don’t have windmills. They make them and sell them to suckers like Europe and suckers like the United States before."
China generates about 10% of its energy from wind and represents almost half of all wind power capacity worldwide. Of wind power projects worldwide, 74% of all wind projects in construction worldwide are in China.
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He believes to be true what he wishes to be true. Not an uncommon human trait, but he's more like that than virtually anybody. Add to that the charisma, the political instincts for what moves people, and the fact that perception is reality, and you get a powerful political force that won't be replicated in a long while.
Education is extremely important.
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I don't think leaders like Trump are that uncommon, what is unusual is for one to get elected in the USA.
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He believes to be true what he wishes to be true. Not an uncommon human trait, but he's more like that than virtually anybody. Add to that the charisma, the political instincts for what moves people, and the fact that perception is reality, and you get a powerful political force that won't be replicated in a long while.
@Horace said in The Venezuelan Oil Thread:
He believes to be true what he wishes to be true. Not an uncommon human trait, but he's more like that than virtually anybody. Add to that the charisma, the political instincts for what moves people, and the fact that perception is reality, and you get a powerful political force that won't be replicated in a long while.
History is riddled with tyrants as well as schemers, dreamers and thieves of that description. Only in exceptional instances do their follies end in redemption. This one, I predict, will not prove to be an exception.
