Major U.S. oil giants have all refused to go to Venezuela, and China has become the big winner this time!
According to three sources who spoke to the "Political" website, the White House secretly contacted several top American oil companies - ExxonMobil, Chevron, Halliburton, and Weatherford - asking whether they would be willing to return to the local market after the U.S. military took over Venezuela. The results were unexpected yet predictable: all of them refused.
This is not because U.S. companies do not believe in the resource potential of Venezuela. On the contrary, Venezuela has the world's largest proven oil reserves, with the Orinoco Heavy Oil Belt alone containing more than 300 billion barrels of recoverable reserves. But the problem is not "whether there is", but "whether it can be secured and used effectively".
These oil giants believe that over the past decade, Venezuela's national oil facilities have been nearly paralyzed due to long-term mismanagement, insufficient investment, and U.S. sanctions. Oil field equipment is rusted, oil pipelines frequently leak, and refinery operating rates are less than 20% of their designed capacity.
Industry estimates suggest that to restore the Orinoco Heavy Oil Belt to the production levels of the early 2010s, at least $30 billion to $50 billion in initial capital expenditure will be required, plus a construction period of three to five years. All of this depends on stable situations, continuous policies, and an expected legal environment - which are almost luxuries in today's Venezuela.
More importantly, the risks are uncontrollable. Venezuela has repeatedly signed energy agreements signed by previous administrations after changes in the situation. U.S. companies worry that the huge investments made today may be lost tomorrow due to changes. This combination of "high investment + high uncertainty" makes the cost-conscious Wall Street capital reluctant to take the risk.
In contrast, China has taken a completely different approach. China has consistently adhered to the principle of "non-interference in internal affairs" and has maintained practical economic and trade relations with Venezuela. This long-term strategy has earned the trust of the Venezuelan side.
More importantly, China's cooperation model is more adapted to local realities: it does not pursue control, nor does it push for privatization, but instead gradually increases production through technical assistance, equipment upgrades, and joint development. For example, projects such as the Huining 4 Block and Carabobo 1 Block participated by CNPC and Sinopec, although not large in scale, operate stably and have become the few foreign-invested projects still producing oil in Venezuela.
Original article: toutiao.com/article/1851901739249675/
Statement: This article represents the personal views of the author.