After decades strongly supporting a very corrupt govt, Chevron is bailing out now only to avoid the embarrassment of being one-upped by Total who are typically the least sensitive IOC. I imagine Bangladesh will the next at some point.
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Even in our best years in Venezuela we have not managed to produce and process much oil. Another disastrous legacy of our worst executive ever - A.M. Venezuela crude is too heavy, too expensive, too carbon-intensive and complicated to extract and process. Worst of all, our national partner is too dysfunctional with appalling staff quality, low work ethic, and no money for investment. It has never gone well there and we were quite stupid to stay behind when smarter companies saw the writing on the wall and bailed out over a decade ago. We have been totally shut down for years now and still beat our heads against the wall.
@bvm, having more oil in the ground no longer means that much anymore. On the other hand, getting oil above ground does. So, come back later to talk about Venezuela when massive amounts of oil are being extracted from the ground. Until then, I’m not interested.
“Venezuela has had poor management for several years”. LMAO: that might be the understatement of the year!
Were we ever “in” Myanmar? A little prospect generation, maybe, but that is true everywhere. We remain in Bangladesh only because they would not let us sell to China, but those gas fields can’t be making much money.
Seems like Venezuela has had poor management for several years. And heavy oil makes no sense to extract or burn. It is one step away from coal.
We have more oil the ground in Venezuela than the rest of the world, and always will!
Chevron's not going to get out if there's money to be made. Remember, we're still in Venezuela.
Frankly I'm a little surprised we survived this long in Bangladesh. That failed sail a few years ago was troubling.