Jusr read your update on the US oil [k2y] situation. Thank you very much. Could you give us an overveiw of how crude oil is taken from the wells in Venezuela, transported [how] to the ports, put on tankers, moved to US sites [where] unloaded [how] and transported [how] and refined at US refineries [where]. Of course we're interested in the implications of Y2K on the movement of this crude oil. I am under the impression that we receive 20% of our crude oil from Venezuela. I also understand that the Chairman of the Venezuela National Oil Comp, PDVSA just resigned today. Will we get Venezula oil come Jan 2000, or will the system be broke, and if broke will it be able to be fixed?

-- thinkIcan (thinkIcan@make.it), August 31, 1999

Answers

I didn't mean to just single out R.C. for an answer on this. I hope all with any information on Venezuala Oil Exporting will chime in.

-- thinkIcan (thinkIcan@make.it), August 31, 1999.

If there's a black hole concerning OPEC preps Venezuela is it. The new government in May said they're in the y2k bag (old government's fault of course) and needed a quick 50B fix. Little officially seen since that's helpful. This link offers a quick overview of SA but clicking on Venezuela reveals they've offically given NO comments on areas of concern. At least the others were willing to offer fibs whose lines might be read between.

-- Carlos (riffraff1@cybertime.net), August 31, 1999.

Earlier this year there was information that the power grid in the country was in very bad shape. No money- No power- No oil.

-- Mike Lang (webflier@erols.com), August 31, 1999.

I think I can,

I've only got one source that is NOT down there...but has contacts down there. I've not talked with this person for quite a while. My information is therefore IMO "sketchy" at best. BUT this fellow was a wildcatter who has ventured down there on various projects for many years. His take was the Venezuela was very far back (behind the curve) in Y2K preps in the oil sector. I didn't get much in the way of specifics. This fellow indicated that they were so far behind that he believed that they wouldn't make it in time. It is not much to go on. This is why I didn't include an actual assessment of any foreign sources. I am not that confident of the information that I've heard. I like to get several different sources who are unknown to one another who provide similar if not identical data before I feel comfortable in including it with an assessment. Sorry I can't provide more firm indicators one way or the other.

-- R.C. (racambab@mailcity.com), August 31, 1999.

Mike and Carlos,

Hi guys. Thanks for the input...I'd been hearing/reading much the same thing on the net about Venezuela as both of you. It doesn't sound good...but these reports, while interesting still don't quite nail down anything firm for me. Until I see some really authoritative or first-hand data I really can't feel to comfortable coming to any conclusions about Venezuela or any of the other foreign oil operations. Maybe someone else can share more info.

-- R.C. (racambab@mailcity.com), August 31, 1999.