sábado, 27 de noviembre de 2010

fears of oil depletion, fears of lack of investment in oil

Fears of oil depletion....what I have is fear for not having the investments made.
I just found out, by reading the long report of PDVSA year 2009, (which was taken out of the PDVSA web page a few days ago) that the total developed reserves, that is reserves with wells, production stations, pipelines and terminal facilities is only 5000 million barrels of light and medium gravity crudes. When you talk about Venezuela medium crudes you are like talking about arabian heavy. So when you see the fantastic figures of over 200.000 millions barrels what you are looking at is undeveloped reserves that have no wells, no production stations and may not have enough pipelines of heavy and extra heavy crudes, that is something that need to be converted into a light oil by huge investments such as those that Exxon and conoco had made in the country.
in the mean time they are using the light oils to dilute this extra heavy crudes into saleable oils. In an ambient which is not propitious for any investment. I wonder how Venezuela is going to increase or better yet, maintain its production levels.
It is a very strong effort and may end up with the largest maintenance facilities, to keep parts for all brands of motors, and valves, made in countries that differ from those used before.
In my young years in the industry we saved a lot of money by standardizing on two brands only, and had the experience to visit the Iron mines development and the first thing that hits me was to see that their largest building was the maintenance building, they had motors, and everything else, from Sweden, Italy, USA, fance, japan,Russia, Belarus, Iran, China, etc. so they will have to keep a stock of all of the parts of the different brands, to say the least......
so there is enough oil may but may need conditions that are lawful and the desire to have companies like Exxon and conoco to come back, as well as the desire of these companies to come back....those fuels from biofuels, solar, etc are only a drop in the bucket. If we could get hybrid cars to really sale would help a lot.....regards, Nestor G Ramirez

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