CERAWeek: Exxon exec on Venezuelan situation

Mark Albers, a senior vice president of Exxon Mobil notes oil supply challenges are not really based on scarcity, as some believe. The oil is there, but it requires using more costly technologies.
Exxon has been sharing details of their technological advancements in advance of the conference. We wrote about a new horizontal drilling record they hit in Russia recently and the Wall Street Journal wrote about gas drilling techniques the company is using in Colorado ($).
A running theme from Albers? Teamwork. Without naming names, he seemed to be addressing Hugo Chavez in Venezuela. He said “resource nationalism” causes concern for investors and chills innovation needed to address supply challenge.
“Resource nationalism in the form of energy independence or energy superpower status does stymie innovation and does give pause to investors,” Albers said. (thanks to Reuters for the accuracy of the quote)
In response to a direct question from Yergin about the Venezuelan situation, Albers would only say the company “…remains interested in getting into substantial discussions regarding the fair market value of the assets that have been expropriated.”

Comments

comments

SHOW MORE