🚨🇺🇸🇻🇪 Halliburton, Baker Hughes, SLB and Weatherford are hiring in Venezuela again as the first American rigs roll back in nine months after Maduro was taken
The job boards tell the story: SLB has 35 openings in Anaco, Maturin and Caracas, Weatherford has at least 20 after pulling out in 2019, Baker Hughes is staffing up in Maracaibo and Halliburton says it's building its talent pool.
Chevron is about to switch on four rigs, Patterson-UTI is shipping parts for ten more and the CEO's verdict was "it'll be fine for Venezuela."
This is exactly what the January operation was for.
The largest oil reserves on earth sit 1,400 miles from Houston, the companies rebuilding them are American, and every barrel that comes out of the Orinoco is one less the US needs from the Gulf.
Reality creeps in as you look at the pace though. Two rigs are running in the whole country today, the refineries are wrecks, and the forecast is only 1.5 million barrels a day by late 2027 from 1.2 million now.
Venezuela won't lower gas prices before the midterms, but it's the one energy bet Washington made this year that's actually drilling.
Source: Reuters / Writer: Daniel
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Investing2004 @Investing2004 ·
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Halliburton, Baker Hughes, SLB and Weatherford are hiring in Venezuela again as American rigs return. That is a positive signal. Nawfal calls it the energy bet Washington made that is actually drilling.
That bet is being sustained, in part, by not paying the local Venezuelan companies that have supported production the entire time. Those suppliers continue delivering products and services to PDVSA (Petros mixtas) and Bariven. They helped keep the barrels flowing to the United States. Many invoices have been open for months. They carry debts to foreign factories, employees, and lenders. Some have already lost representations of brands.
American service companies coming back is welcome. Leaving the local firms that enabled today’s output unpaid is not. Audit the open invoices. Pay the suppliers who are still in the field.
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