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Interesting read from Tracy Schuchart on X, about Venezuela oil: https://renegaderesources.pro/p/uninvestable-why-big-oil-is-apprehensive
I'm not a subscriber so couldn't read the whole thing, but here is the summary she posted on X:
Trump promised $100 billion in oil investments to rebuild Venezuela.
On January 9th, he got oil executives in a room and got a reality check instead.
ExxonMobil CEO to Trump's face: "Venezuela today is uninvestable."
ConocoPhillips CEO: We're owed $12 billion from the last time we trusted Venezuela.
Trump: "Good writeoff."
CEO: "It's already been written off."
Here's what nobody's saying out loud:
Chavez claimed 300 billion barrels of reserves in 2011. Never independently audited. OPEC just publishes what members report. Actual recoverable reserves? Probably 80 to 110 billion. Maybe.
Venezuela owes $60 billion in arbitration awards from seizing foreign assets. ExxonMobil and ConocoPhillips got burned in 2007. Assets nationalized. Years of legal battles....
