Editor's
Mail
PDVSA's results
----- Original Message -----
From: Roger Tissot
To: editor@petroleumworld.com ; Oliver L. Campbell
Sent: Thursday, February 14, 2008 1:02 PM
Subject: RE: resultados de PDVSA
Dear Mr. Campbell
After all
the “noise” I have read and seen from
the Venezuelan media, it is good to see an opinion that shows
a more thoughtful analysis. What I find surprising is that after
8 years of Chavismo, the “opposition” still does
not learn. Oil is a highly sensitive issue, and having been in
this situation before, it is clear that IOCs approach these disputes
very carefully and with a well-planned strategy. Their objective
is not to damage Venezuela but to increase pressure for a fast
and profitable settlement.
The
government of Venezuela was right to increase royalties, and
it has been
my observation in meetings with them that most
oil executives would agree with that. Perhaps the process could
have been handled with more finesse, but well that’s Chavez.
Still, by over blowing Exxon actions, what the media and local
pundits have done is give Chavez a “just cause” to
rally his troops around the flag, and keep distracting them from
the mismanagement of the economy. With inflation at 30%, and
capital flight as high as the country’s foreign reserves,
the truth is, Chavez options are not that good…
Sincerely,
Roger Tissot
Petroleumworld
02 04 08
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