In short: An object lesson in systemic underinvestment: massive reserves yet ~80% of producing capacity lost.
PDVSA is Venezuela's state oil company, used here as a cautionary tale: despite sitting on massive oil reserves, it has lost about 80% of its production capacity. That's what happens when a company chronically skips the maintenance spending needed to keep wells producing — Rule's living proof of how damaging underinvestment becomes over time.
10:40It was a very very very — billion US dollars a day of underinvestment — per day of underinvestment. Now this includes the stateowned firms uh and the stateowned firms are instructive. If you look at Pedvesa, the National Oil Company of Venezuela, or Pummex, the National Oil Company of Mexico, you can see what systemic underinvestment does.
In short: Same cautionary tale — once a great technical company, now a skills/sustaining-capital void (~80% capacity lost); but Venezuela's unexplored Maracaibo + Orinoco are why he's funding two exploration ventures there.
PDVSA is Venezuela's state oil company — once a strong technical operator, now hollowed out (capacity down ~80%) because the skilled people left for Houston and Calgary and maintenance was neglected. But Rule sees opportunity: Venezuela's huge oil basins have never been explored with modern technology, so despite real political risk (he's been nationalized there four times in 30 years) he's funding two exploration ventures in the country.
10:10Uh there will be a lot of opportunities in Venezuela. Uh Venezuela hasn't been explored by modern technology ever. There was great technology in Vene in Venezuela. Pedveso was a fantastic uh company, but the workers the people who utilize that technology aren't in Caracus anymore. they're in Houston and Calgary and Singapore and places like that.
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