Is Venezuelan oil going to be a better pressure valve?

Hopefully oil companies will continue to increase investment in Venezuela and do so with confidence that their workers and assets will be safe.

Now that said, the whole reserves thing is tricky and not so straight forward. Was the Venezuelan government properly accounting for reserves the same way we would at home?

Also, the big one, just because you have reserves doesn't mean all those reserves or economically recoverable. What's the price point where it makes sense for companies to go out and produce certain reserves. Some barrels may be economically recoverable at just $40/bbl. Others, you may need a $140/bbl market to make it worth investing in producing such barrels.

Don't worry. Trump pal Paul Singer bought Citgo, which he was only able to do with Maduro removed.

And then he spent millions on the campaign to oust Thomas Massie. What a guy.

I thought I'd read that alot of infrastructure (wells, pipelines, facilities, etc.) had deteriorated during the years the OG industry was nationalized and would require alot of work to update and repair before large quantities of oil could be pumped and shipped...????

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And then he spent millions on the campaign to oust Thomas Massie.

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Would you prefer he did it the democratic way and spend the money developing a virus to kill millions

Equipment is already being ordered by Venezuelan companies. via Columbia. I am involved in some of it, nothing sold at this point.

PDVSA once had a lot of Italians involved in executive management positions before Chavez. Many of its engineers moved to Columbia 20 years ago.

Russians and Chinese companies mismanagement the concessions they were given. Both are like pre WWII US oil companies and mismanage fields and reservoirs leaving more in the ground as unrecoverable.

Interesting that there were maybe a dozen large pipeline compressors (axial barrel type) sitting in the US and Canada which were bought out of bankruptcies and partial payments, which have been gobbled up the last 6 months or so originally destined for Venezuela.

Steam injection is required in many fields in Venezuela, no different than in California. The upgraders are the big problem in order to export to European markets. Mobil's, or so, year old field and upgrader were for the European market, not the US, assumed by Exxon in the merger.

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Yeah, it's all just happenstance. Trump removed the one person blocking the deal and Singer was locked and loaded, ready to pay the 6 billion at an auction he forced through a lawsuit

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A SHITTON of maintenance is needed in Citgo's refineries to get them safe an efficient once again. This will take a lot of money. Maybe even $1 billion is required in the Lake Charles refinery. This is why initially no one was interested at any price. Why your opinion isn't worth a crap

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Trump removed the guy blocking the sale to ANYONE, and his pal Singer immediately jumped in and bought it. No one else was in play so don't pretend like they were.

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The refineries were in shambles when Obama was in office. There were pipes between units which only the epoxy coating containing the contents. The steel was corroded out, Citgo had been for sale since before then.

You are clueless about the timeline, par for the course.

You obviously are clueless about refinery economics. By itself a refinery is a poor investment with little to no ROI.

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Don't forget that Columbia is to increase production now that the idiot is out of office. That crude is similar to US Mars but on sweet side with high residual content.

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i’m only going off my own research, but Columbia has just as much oil as the UK. So it’s not anywhere near the amount of proven reserves that Venezuela has.

Correct?