Episode summary
Venezuela Signs Oil Agreements With Chevron After US Deal | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Tim Stenovec, Lisa Mateo · Guests: Tyler Kendall, Chris Wright, Mike Wirth, Chris Kennedy, Miguel Martin, Daniel Schreiber
Summary
Venezuela’s new oil agreements took center stage, with the host and a guest reporting that Chevron is expanding investment as the country looks to boost output from about 1.1 million barrels per day. The guest said the deals are meant to encourage more private-sector drilling, while the host highlighted legal questions around the structure of the arrangement, the 100-year lease, and whether the agreement can really scale quickly. The guest also said the US government will be able to buy 20% of production at cost, with the oil intended in part to help refill the Strategic Petroleum Reserve.
The conversation then widened to the Strait of Hormuz and the broader energy market. The guest argued that tit-for-tat strikes between the US and Iran have become a fragile new normal, but that global flows are still holding up for now. He said refining capacity is stretched, diesel prices are near record levels, and even if hostilities eased, energy prices would take time to normalize. He also said sanctions pressure on Iran would become much more serious only if the US were willing to target Chinese banks and trading houses.
Later, the host turned to cannabis consolidation, where Aurora Cannabis’s chief argued that Curaleaf’s unsolicited bid undervalues the company. He said Aurora’s medical cannabis assets, cash balance, and debt-free position justify remaining independent unless a more compelling offer appears. The episode closed with Lemonade’s chief making the case for AI-driven auto and pet insurance, including discounted pricing for Tesla’s supervised driving and rapid expansion across states.
Key takeaways
- The guest said Chevron’s Venezuela expansion could help double development there over the coming years, but only if legal and political risks hold up.
- The guest said current energy flows through the Strait of Hormuz are still holding up, even as attacks keep markets fragile and diesel prices rise.
- The guest argued that a harder US sanctions campaign on Iran would likely require action against major Chinese financial institutions.
- Aurora Cannabis’s chief said Curaleaf’s offer fails to reflect Aurora’s cash, lack of debt, and valuable European medical-cannabis facilities.
- Lemonade’s chief said autonomous-driving data lets the insurer price Tesla miles at about a 50% discount versus human-driven miles.
Notable quotes
“we saw a flurry of deals from the private sector that are boosting their investment to help drill more and increase the oil output in Venezuela”
“We think even from production today already elevated, that could double by the end of this decade”
“the actual price for it with a cap of $5 doesn't recognize the innate value of these assets”
“if you happen to be a responsible young adult, you really are being penalized by the inability of the insurance company to see through the crowd to the individual”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio.
Bloomberg News Washington correspondent Tyler Kendall is in Venezuela where she spoke earlier today with both the US energy secretary as well as Mike Worth, the CEO of Chevron. Tyler, welcome. What can you tell us about what energy companies are doing today in Venezuela?
Well, we actually just finished a signing ceremony that took place in the presidential palace where I am right now where we saw a flurry of deals from the private sector that are boosting their investment to help drill more and increase the oil output in Venezuela because relatively speaking, we really haven't seen production ramp up in the wake of the ouster of Nicholas Maduro. Data analyzed by Bloomberg News showing that Venezuela right now is averaging about 1.1 million barrels per day. That is well below the height of production nearly three decades ago.
That was around 3.5 million barrels. The backdrop here is that senior administration officials tell me this is really part of a bid to try to make the industry more comfortable in investing in Venezuela amid this relative uh hesitancy. And the backdrop uh includes that US government deal where the government is going to be taking this equity stake in a private company that has been granted a 100-year lease to develop nearly 17 strategic oil fields.
There are some questions here about the legal durability as well as the feasibility when it comes to scale. But as you're about to hear, the US energy secretary told me that they are expecting to ramp this up at full speed.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- oil agreements
- venezuela oil
- energy investment
- us geopolitics
- cannabis stocks
Companies and tickers mentioned
- CVX
- ACB
- LMND
- Chevron
- Aurora Cannabis
- Lemonade
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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