"I don't like that word!"
Posted on 09/14/2021 7:12:51 AM PDT by NotQuiteCricket
Venezuela’s heavy oil project reserves will be left stranded as international players divest their interest.
That’s what GlobalData said in a statement sent to Rigzone on Friday, which highlighted that TotalEnergies and Equinor had recently divested their respective interests in Petrocedeno to the state-owned Petróleos de Venezuela S.A (PDVSA) company.
According to GlobalData, this means that due to high risks and the unstable deteriorating economy in the country, international players no longer see an upside in Venezuelan projects. GlobalData noted that with less investments supplied from the private sector, Venezuela will not be able to sustain its oil and gas industry for long, as its own cash resources are “extremely limited”.
“Petrocedeno is a critical project in Venezuela’s portfolio and the largest upgrader in the country with a capacity to process over 200,000 barrels of heavy crude oil per day,” Svetlana Doh, an upstream oil and gas analyst at GlobalData, said in a company statement.
“In the past few years, Venezuela faced severe fuel shortages, and this year, in a desperate attempt to solve this problem, the Petrocedeno upgrader is planned to be re-designed to produce naphta as a feedstock for refineries. This essentially means that refineries in the country are in such a desperate need for renovation or even simple upkeep, that now upgraders have to perform a refining step for them,” Doh added in the statement.
(Excerpt) Read more at rigzone.com ...
Hahahahaha 🤣🤣🤣
Sorry, to laugh. Have elections been continually stolen or do humans go stupid when placed in large groups?
"I don't like that word!"
which highlighted that TotalEnergies and Equinor had recently divested their respective interests in Petrocedeno to the state-owned Petróleos de Venezuela S.A (PDVSA) company.
and the deal was made with investor money (other people)
Translation: The Venezuelan government “nationalized” (stole from the rightful owners, for the socialists) all the assets that foreign countries had invested in getting the oil out of the ground and ocean and will do it again.
Fool me once....
The leaders of Venezuela are living quite well thank you very much.
Doh?
It’s Venezeula. Where a large number of the voting machines in the suddenly Biden states got their programming.
We’ve got enough oil anyway, we don’t need them. The big international players are looking to transform their business and get away from oil, especially ugly, heavy crude.
Largest oil reserves in the world.
Oil is a global commodity, so it affects all of us.
Also, a decent percentage of Venezuelans aren’t commies.
I went to school with quite a few at UF.
I am sure the ... What are they called, elite (aka people with security/weapons) are living really well.
Been studying the French Revolution recently. Venezuela is another example of a people’s revolution.
The leaders of Venezuela should just blame this on Global Warming, and then apply to the UN for aid.
(I really should open my own international consulting business.)
Gee, if things get any worse, Maduro may have ot back to driving a bus.
Lagovan asphalt for shingles commanded the top price for decades. Tons of the stuff was sent to the Port of Mobile over the years.
Then Hugo had a better idea; blend it off to China for a lower netback...
Their oil industry should be cleaning up on carbon credits due to their own incompetance...
Fool me once?
It only takes a generation for a repeat performance. Nobody either learns or reads. I’m seeing repeats of failed initiatives of the last 40 years of my career in the oil industry repeated by the new “leadership”.
I worked tech in the 90s and saw offshoring of jobs go to India. I know Some tech companies are “reshoring” in the past five years or so maybe seven years. Big oil otoh is working on offshoring engineering services to India...now.
I dunno. I think I am stupid or something.
Someone makes money,not sure who.
Heavy crude is used for plastics and making stuff. Light oil is more fuels. That is my understanding anyway. So, when fusion becomes ubiquitous heavy oil is what will be desirable. Lots of heavy in California....maybe it is heavy oil that makes people communist?
Hahahah hahahaha hahahaha
We only play that global commodity game because .... We want to! US can be energy and hydrocarbon self sufficient except, more fun to make war in the sandbox, more people get money that way, not normal people but the east coast elites. Also,don’t want Joe and Jane Sixpack to not have to spend 30% of their income on energy as well as sacrifice their children to Moloch in battle.
Good news! They are going to draft women as well as men!
So glad 2020 election was fair,everything is turning out so well.
>>>Also, a decent percentage of Venezuelans aren’t commies.
I went to school with quite a few at UF.<<<
The ones you went to school with were probably from middle class families. Maduro (and the Democrats) appeals to the underclass, for whom he confiscated middle class assets to buy their loyalty with. They are the foot soldiers of his thug corps.
Similarly, the Democrats are cultivating Antifa from the basement dwellers, the felons (as we saw in the Rittenhouse incident), and others who don’t do well in the private sector, to be their revolutionary storm troopers, for when they make their move.
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