00:00It's already been written off.
00:02It's been written.
00:03All right, thank you.
00:05You'll make it back one way or the other.
00:07You're all going to do very well.
00:09I think really very well.
00:10Marco just gave me a note.
00:12Go back to Chevron.
00:14They want to discuss something.
00:16Thank you very much, and you'll get a lot of your money back.
00:18We're going to start with an even plate, though.
00:20We're not going to look at what people lost in the past,
00:23because that was their fault.
00:24That was a different president.
00:26You're going to make a lot of money, but we're not going to go back.
00:29You left a lot of money behind, I guess.
00:31What number?
00:33$12 billion.
00:34How much?
00:35$12 billion.
00:36Good write-off.
00:39It's already been written off.
00:42All right, thank you.
00:45You'll make it back one way or the other.
00:47You're all going to do very well.
00:49I think really very well.
00:50Marco just gave me a note.
00:52Go back to Chevron.
00:54They want to discuss something.
00:56Go ahead.
00:57Thank you, Marco.
01:00Go ahead.
01:01Is there a question, Mr. President?
01:02Yes.
01:03Go ahead, Marco.
01:04What are you saying here?
01:05Mark, if you can update us on operations in the ground,
01:10with the appropriate approvals, what you might be able to achieve
01:13in the next 12 to 18 months, give us a little view from the ground.
01:16You bet.
01:17You bet.
01:18Today Chevron has 3,000 employees in four different joint ventures in Venezuela today.
01:24And over the past five to seven years, they've taken production from about 40,000 barrels a day to 240,000 barrels a day,
01:31essentially getting those facilities and that equipment up to standards that would be something that people in the room would be more accustomed to.
01:39Given the work we've done with Secretary Wright and Secretary Burgum and even Secretary Besant,
01:46I think we have a path forward here very shortly to be able to increase our liftings from those joint ventures 100%,
01:53essentially effective immediately.
01:55We are also able to increase our production within our own disciplined investment schemes by about 50% just in the next 18 to 24 months.
02:05And that's just leveraging what's on the ground.
02:08So to Secretary Rubio's comments about phase one, this is taking the momentum of improvements we've already made there locally
02:16and building on those and creating more momentum for the people of Venezuela.
02:20Do you think you have an advantage being there?
02:23You know, you've been there by the skin of your teeth.
02:26It's been tough for you to be there.
02:27But do you think you have an advantage over the other people in this room by the fact that you are there?
02:31Yeah, I think there are, Mr. President, I think there would be days where it didn't feel like an advantage
02:35and there are days where it does feel like an advantage.
02:37But having people on the ground today that care desperately about the people of Venezuela
02:41and know how to operate the assets that are there is a definite advantage today.
02:45Would you say the best locations are available?
02:48Or would you say the best locations are already sort of worked, even though they're in very bad shape?
02:55The best locations for finding oil, the best locations for oil?
03:00There are more opportunities than not, Mr. President.
03:03With 300 billion barrels of reserves and resources in country, there are lots of opportunities for many companies.
03:09Will you be building new or will you be using the old infrastructure that you have?
03:14Yeah, today it's a little bit of a mix, but today it's mostly us taking the equipment of today,
03:20getting it to the standards that we are accustomed to, to your comments about making it how it should be today.
03:24Most of the investments that we've been making are about getting it up to our standards.
03:28Well, I think you're going to make an investment, but you're going to get your money back very quickly,
03:32and that's part of our thing.
03:33We're going to have you get your money back fast,
03:35and then you'll give a lot to Venezuela and to the United States after that, okay?
03:40So you'll be in good shape.
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