Hello and good evening and good day (depending where you are in the world!)
I was just wondering about this Venezuela situation. We now know that to increase production in Venezuela will take years and a lot of money so we won´t see any extra supply any time soon. However i started to wonder if it turns out that this is for real, wich i think this is : Former Chevron executive seeks $2 billion for Venezuelan oil projects, FT reports | Reuters
Could this push other countries to ramp up their production now, knowing that this heavy venezuelan oil is going to enter the market in a few years? Could this create a "get there first" mentality from other oil producers ?
Posted by SimonTerry22
3 Comments
A good person he been looking for OFAC approval as many others investors who’s willing to invest in Venezuela Ali have a excellent reputation
Twenty years ago, this sort of ramp up happened in North Dakota. Mostly private company money, this Venezuela project will be US taxpayer money.
So, a couple ways of looking at it. May be spent wisely and efficiently. Or may just be a money sink and the money just disappears.
Not sure how eager anybody is going to be to increase production in the middle of an oil glut.