Oil Bosses Hit Trump With Venezuela Setback: ‘Uninvestable’
Category: News & Politics
Via: krishna • 10 months ago • 11 commentsBy: Brendan Cole Senior News Reporter
Photo by aboodi vesakaran on Unsplash
S E E D E D C O N T E N T
Developing Venezuela’s oil industry following the removal of its leader, Nicolas Maduro, would require major legal and commercial changes, Exxon CEO Darren Woods has told President Donald Trump.
Woods gave a downbeat assessment of the viability of restoring oil production in the South American country believed to hold the world’s largest reserves, telling Trump that at the moment, the country's industry was "uninvestable."
Energy industry analyst, Thomas O’Donnell, told Newsweek on Saturday that one approach would be for companies to work on small projects to kickstart production before targeting the oil fields that require heavy investment.
When contacted for comment, the White House told Newsweek in a statement on Saturday after the arrest of Maduro, Trump "brokered a historic energy deal to further strengthen America’s national security in the Western Hemisphere.
Venezuela is said to have the world's largest oil reserves, but the infrastructure required to tap these resources is dilapidated.
After the U.S. captured Maduro last week, Trump said U.S. oil producers were ready to spend $100 billion or more in rebuilding the infrastructure which could deliver the mutual benefits of a prosperous future for the Latin American country and a profitable enterprise for energy firms.
However, while energy chiefs have welcomed the removal of Maduro, Woods’ comments show the lack of firm commitment from oil executives to invest, as well as a degree of nervousness regarding the return on investment that could be seen after several years of heavy spending.
During a livestreamed event in the White House with the heads of the firms including Exxon Mobil, Chevron and ConocoPhillips, Exxon CEO Darren Woods, said Venezuela was not a good investment unless legal and commercial changes were undertaken.
Woods said there had to be durable investment protections, and there has to be a change to the country’s hydrocarbon laws.
(Cont'd HERE )
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Developing Venezuela’s oil industry following the removal of its leader, Nicolas Maduro, would require major legal and commercial changes, Exxon CEO Darren Woods has told President Donald Trump.
big oil won't be spending any of their own money on trump's fantasy, knowing his bullshit ends when sanity returns to america, and they don't want to be left holding the bag, like every other entity that has ever done business with a scam artist con man.
There's also the fact that anybody we send in to develop infrastructure will not be safe. They'll be the people there stealing Venezuelan oil for US benefit, and Exxon, Chevron, etc. execs know it.
it's obviously becoming more difficult for trump and his cronies to commit fraud in the US, so they need places where american law enforcement can't reach them as easily ...
Woods gave a downbeat assessment of the viability of restoring oil production in the South American country believed to hold the world’s largest reserves, telling Trump that at the moment, the country's industry was "uninvestable."
While energy chiefs have welcomed the removal of Maduro, Woods’ comments show the lack of firm commitment from oil executives to invest, as well as a degree of nervousness regarding the return on investment that could be seen after several years of heavy spending.
I don't pretend to expertise on petroleum... but any semi-informed person knows there are many "grades" of crude oil, running from easy-to-refine West Texas to hard-to-refine Venezuela. It's obvious that refiners prefer the former... will pay more for it.
West Texas is at a bit over $60. So Venezuela is less than that... because NOBODY wants it.
Trump wants Big Oil to invest billions in Venezuela. Why would they do that?
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There's an olde saying;
There's no cure for "Stuck on Stupid" !!!
If the cost is only $100 billion then the Federal government could do this. But since the government has been gifted to financial shysters the final cost to taxpayers would be $1 trillion. Never let a good grift go to waste.
Trump should understand this since he has been a welfare queen billionaire most of his life.
So, Trump went out on a limb of his own making, trusting oil execs to have his back, and they're just letting that limb wither and die, as many of Trump's projects tend to do?
Delicious.
Watching him read aloud a private note handed to him by little Marco was pretty fun, too.
the last 6 republican presidents have been a combination of fascists, criminals, morons, dementia sufferers and child molesters ...