Holt said he was thinking about where the money would come from, how the fund would be financially built and who would lead it.
Maynard Holt is already wondering how to invest in Venezuela.
Head of the investment bank focused on energy Tudor, Pickering, Holt & Co. based in Houston, he said on Wednesday he was investigating creation of a fund of up to USD 3,000 million for investments in Venezuelaone day after answering a question at an industry conference.
The moderator at the CERAWeek IHS conference Markit asked Holt what he would need if he set up a fund to inject capital into the Latin American crisis. Holt sees the connection between Texas, where the world's most active shale region is located, and Venezuela, where the world's largest oil reserves are located.
"Caracas may be Midland, Texas," said Holt on Wednesday's interview.referring to the city at the heart of the Permian Permian Basin. "We believe that Houston is linked to oil and gas, they are 100% linked to oil and gas."
Holt said he was thinking about where the money would come from, how the fund would be financially built and who would lead it. The executive director said he would have to exceed USD 1,000 million to have the necessary influence in Venezuela. Holt believes that this is an opportunity for the oil industry, sometimes slandered, to help Venezuela.
Closing the well
Schlumberger Ltd., the world's largest supplier of oil services, said on Tuesday at CERAWeek that there has been no new investment in Venezuela for a long time. Ashok Belani, executive vice president of Houston and Paris, said in an interview that thousands of wells were closed because there are not enough storage tanks.
Holt said he did not consider creating a fund for Venezuela before the conference, but he said he received a lot of positive comments on Wednesday from people who heard him talking in the panel.
"What was an interesting question on the panel could be something that should be done by us or by others," he said. "We're working on it if he told me a month ago that we were going to do this conversation, he would say," Wow, I did not expect it. "