Page 9 - LatAmOil Week 11 2021

LatAmOil VENEZUEL A LatAmOil

Former Chevron exec expects oil to

remain Venezuela’s biggest draw

ALI Moshiri, a former Chevron executive now served as Chevron’s president of exploration
serving as chairman and president of a Hou- and production in Africa and Latin America
ston-based independent known as Amos Global until 2017. “We will be ready on day one,” he was
Energy, has said he expects Venezuela’s govern- quoted as saying by Argus Media.
ment to continue seeking investment for the oil Moshiri went on to say that he believed that
industry despite rising concerns about climate Venezuela could raise $5-8bn in this fashion in
issues. the short term. This is enough to bring oil pro-
Speaking on March 9 during a webinar duction back up to 1.5mn barrels per day, up
organised by Caracas-based Venecapital, from the current level of around 500,000 bpd,
Moshiri said that Venezuelan authorities were he said.
aware that the oil sector had the biggest poten- Venezuela has seen its oil output drop sig-
tial to generate the funds needed to improve the nificantly in recent years, and sanctions have
country’s economy. “Whether or not the green contributed to the decline. They have prevented
movement that is pushing oil to the side is right the national oil company (NOC) PdVSA from
or wrong is not an issue for Venezuela at the obtaining the parts and equipment needed
moment,” he said. “Venezuela needs to jump- to keep its production infrastructure in good
start the economy, and it’s not going to come working order, and they have deterred many
from tourism or from any other sector except potential consumers from buying PdVSA’s
the oil sector. That’s the reality.” exports. Additionally, they have discouraged
He asserted that the South American coun- financial institutions, maritime operators and
try’s oil reserves remained attractive to investors, other companies in various sectors from pro-
despite the sanctions that the US government viding support for transactions involving Ven-
has imposed within the last two years. The US ezuelan crude oil and petroleum products. ™
company Chevron has worked to maintain a
presence in the country, while New York-based
investors and hedge funds recently funnelled
$400mn into Amos Global Energy’s recent pri-
vate placement, he said.
This enthusiasm proves that Venezuela is still
an object of interest, and Amos Global Energy
anticipates it continuing, he added. “We are
going to raise another $600mn from the public
sector,” he said. “There is a lot of faith to invest in
Venezuela, especially in the energy sector.”
The company hopes to put the proceeds of
the placement to work in Venezuela, in combi-
nation with funds from multi-lateral organisa-
tions and other public-sector agencies, as soon
as US sanctions can be lifted, said Moshiri, who Chevron is still a member of the PetroPiar JV with PdVSA (Image: PdVSA)

GUYANA
Jabillo-1 well spudded at Canje block

EXXONMOBIL (US) and its partners have slated to continue drilling for a period of about
spudded Jabillo-1, the second exploration well one week but will then suspend operations so
at the Canje block offshore Guyana. that it can undergo maintenance, JHI said. The
JHI, a minority shareholder in the pro- ship will then resume work in the second half of
ject, said in a statement earlier this week that May, after it finishes drilling the Koebi-1 well at
the Stena Carron drillship had begun work at Stabroek, a neighbouring block that is also oper-
the well site on March 14. The Stena Carron is ated by ExxonMobil.

Week 11 18•March•2021 www. NEWSBASE .com P9

A 160-km pipeline will pump gas from Liza-1 to the coast (Image: OilNOW.gy)