E&Ps are hesitant about rushing into Venezuela. But OFS companies are beyond excited.
In my latest post at Foundations of Energy, I share commentary from E&P and OFS executives that reveal a huge fissure in how the industry is thinking about Venezuela.
The key findings:
• Venezuela’s production history since 1965 shows us just how massive the opportunity is
• E&P executives from ExxonMobil and ConocoPhillips are quick to point out the political, legal, and economic hurdles to revitalizing Venezuela’s oil sector
• OFS executives from SLB, Halliburton, and Weatherford are eager, to put it mildly, to pursue any new activity that may materialize
The story comes down to risk profiles and returns horizons.
The full post walks through the data and the commentary from prominent oilfield executives, and raises a question worth considering: what exactly will need to happen for E&P’s to more willingly embrace this opportunity?
