Chevron CEO: Oil-Rich Countries Looking for Oil Co Investment

HOUSTON (Dow Jones Newswires), Mar. 10, 2009

Chevron Corp.'s Chief Executive said Tuesday the resource nationalism threat in some oil-rich countries has receded due to lower oil prices, and several of them, such as Venezuela, are seeking new investments from international oil companies.

"In today's environment, given the need these countries have for investment, the need they have for technology, the need they have to keep their economy going, this is the time they need companies like ours more than ever," said David O'Reilly in the company's annual analyst meeting in New York. "When oil prices went up they didn't care very much, but let me assure that they are back now looking for investment."

"So I think that threat has receded quite a bit particularly in this environment," he said.

The executive added Venezuela, for example, is one of the countries seeking investment today. O'Reilly said, however, the company has so many opportunities to invest right now, it will have to "think carefully" about adding more investment in Venezuela.

O'Reilly also talked about the company's view on Iraq, a country with a set of guidelines on how it plans to approach a bidding round scheduled for the second quarter.

"We have already given feedback to the Iraqis," O'Reilly said. "We know that the size and the scale of the opportunity is there, but you have to have the conditions to invest."

Chevron shares recently rose $2.37, or 4.1%, to $60.65.  

Copyright (c) 2009 Dow Jones & Company, Inc.


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