ConocoPhillips CEO sends strong message on Venezuela oil future
The CEO offered a frank take on what it will take for it to drill in Venezuela.
Energy companies have felt significant pressure over the past year as OPEC production has ramped up, driving West Texas Crude prices down to $62 per barrel, below Permian Basin production costs. As a result, many think the next big play will be resource-rich Venezuela, which holds world-leading oil reserves of 303 billion barrels.
The allure of unlocking that much black gold should have big oil chomping at the bit, yet decades of failed promises mean CEOs are anything but eager to commit the billions of dollars necessary to refurbish Venezuela’s aging infrastructure, including ConocoPhillips CEO Ryan Lance.
