Post Tagged with: "Venezuela"

Source: Reuters

BP partners with Venezuela on Trinidad gas field

Oil Price


BP and Venezuela are jointly discussing the development of a gas field in Trinidad and Tobago, which the island nation shares with Venezuela.

“BP can confirm that it is in discussions with the government of Trinidad and Tobago …

Source: Reuters

Exclusive-Weak bids in Citgo auction spurs Venezuela to pitch alternative pay plan

US News


HOUSTON/MIAMI (Reuters) -The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar

Source: Reuters

Venezuela rushes to mend Iran relationship as US sanctions loom

Yahoo News


PUNTO FIJO/CARACAS/HOUSTON – Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps …

Source: Reuters

Petrobras sends production team to Venezuela despite looming oil sanctions

World Oil


(Bloomberg) – Brazilian state-controlled oil giant Petrobras sent a team of production specialists to Venezuela at the request of Nicolás Maduro, whose administration is welcoming oil majors despite U.S. sanctions threats on its oil industry.

The Petrobras delegation …

Source: World Oil

Venezuelan oil production to swiftly decline under renewed U.S. sanctions

World Oil


(Bloomberg) – Venezuelan oil production at a four-year high is expected to decline quickly if the US follows through on threats to reinstate sanctions on the nation.

The Biden administration on Tuesday said sanctions relief to Venezuela’s oil …

Source: Reuters

Repsol, Eni discussing new Venezuelan oil terms amidst Guyana dispute

World Oil


(Bloomberg) – Venezuela is in advanced talks on new deals with European energy majors Repsol SA and Eni SpA as the Andean nation seeks to reassert itself as a global oil producer after the U.S. eased sanctions.

The …

Source: World Oil

Oil executives flock to Venezuela despite sanctions relief uncertainty

World Oil


(Bloomberg) – Oil executives are flocking to Venezuela to take advantage of lighter U.S. sanctions, even though there’s a risk that access to the world’s largest oil reserves might snap shut as quickly as it opened.

Companies including …

Source: Reuters

Exclusive-Venezuela close to approving offshore gas license with Trinidad, Shell

Yahoo Finance


Venezuela is close to approving a license for Shell and the National Gas Company of Trinidad and Tobago to develop a promising offshore natural gas field and export its production to the Caribbean country, two people close to …

Source: Reuters

Chevron expands Venezuela oil swap deal as sanctions ease

Oil Price


Following the U.S. sanctions relief on Venezuela’s oil industry, supermajor Chevron has started to supply Venezuelan state oil firm PDVSA with fuels in an expansion of an oil swap deal, Reuters reports, citing sources with knowledge of …

November 17, 2023 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, South America
Source: Reuters

Venezuela in talks with oilfield services firms to revive oil production

Oil Price


After the sanctions relief from the U.S. last month, Venezuela is in contact with domestic and international oilfield services providers to help it ramp up crude oil production, Reuters reported on Monday, citing sources close to the negotiations.…

Source: Reuters

Oil heavyweights Chevron, Repsol, Eni to benefit from Venezuelan sanctions relief

World Oil


(Bloomberg) – Venezuela has an opportunity to resuscitate the linchpin of its economy — oil — now that U.S. sanctions have been relaxed. The surprise move on Oct. 18 allows international companies to apply the full weight …

Source: Reuters

Venezuela pursuing former oil clients after US sanctions lift

Nasdaq


HOUSTON – Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts amid the temporary lifting of U.S. sanctions, two people familiar to the matter said on Thursday, moving to resume cash sales to global refiners.…

Source: Reuters

Venezuela could boost oil production by 25% after U.S. eases sanctions

Oil Price


Venezuela could be able to raise its crude oil production by 25% from current levels if the temporary U.S. easing of the oil sanctions becomes permanent, according to a consensus forecast of analysts polled by Bloomberg.

Venezuela’s …

Source: Reuters

Chevron readies new oil drilling push in Venezuela to boost output

Nasdaq


HOUSTON – Chevron Corp (CVX.N) plans to add 65,000 barrels per day (bpd) of Venezuelan oil output by the end of 2024 through its first major drilling campaign in the nation since Washington allowed it to restore production …

Source: Oil Price

U.S. drafts sanction relief proposal for Venezuela

Oil Price


Federal government officials in Washington are working on a draft proposal for sanctions relief to be offered to Venezuela if it organizes “free and fair” presidential elections. The pitch focuses on letting more companies buy Venezuelan crude, Reuters …

Source: Reuters

Eni, Repsol to receive natural gas export licenses in Venezuela

World Oil


(Bloomberg) – Venezuela plans to issue a license next month to Italy’s Eni SpA and Spain’s Repsol SA to export natural gas, said Pedro Tellechea, the nation’s oil minister and head of state-run Petroleos de Venezuela SA.

The …

Source: Oil Price

Chevron’s Venezuelan oil export hopes hit snag

Oil Price


Chevron’s plans to increase its crude oil exports from Venezuela have hit a snag, with the sanctioned South American country unable to bear the cost of dredging a key oil export inlet.

 

Chevron’s Venezuela hopes include ramping …

Source: Reuters

Venezuela’s PDVSA audits accounts with tycoon’s petcoke firm amid probe

Nasdaq


CARACAS/SINGAPORE- Venezuela’s state-run oil company PDVSA is reviewing accounts of Maroil Trading, owned by Venezuelan shipping magnate Wilmer Ruperti, over outstanding debts from petroleum coke supply, five sources close to the audit said, amid a widescale anti-corruption probe.

Geneva-registered …

Source: Reuters

Venezuela halts nearly all oil exports amid payment probe

Oil Price


Crude oil exports from Venezuela have all but dried up as the government investigates oil contracts with a mountain of unpaid oil purchase bills to the tune of $21 billion.

 

According to Reuters, the investigation, which …

Source: Reuters

Venezuela’s PDVSA has $21 billion in unpaid oil sales to collect

Oil Price


Venezuela’s state-owned oil firm PDVSA is owed a massive $21.2 billion from its oil sales, or around 84% of its total invoiced cargo shipments of the past three years, documents reviewed by Reuters showed this week.

 

After …

Source: Bloomberg

Chevron to take control of Venezuelan oil facility this week

World Oil


(Bloomberg) — Chevron Corp. will formally take over operational control of a key Venezuelan oil-processing facility this week during a joint visit to the site by company and government representatives, according to a person familiar with the plan.…

Source: Reuters

Harold Hamm slams Biden for Venezuela oil deal

Oil Price


The owner of Continental Resources and one of the faces of the shale revolution Harold Hamm has criticized the Biden administration’s decision to grant sanction relief to Chevron so it can restart its operations in Venezuela.

 

 …

December 2, 2022 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News, People
Source: Oil Price

U.S. easing of sanctions on Venezuela won’t have immediate impact on oil

Oil Price


Traders are still weighing the timing and impact of U.S. President Joe Biden’s decision on Saturday to ease oil sanctions on Venezuela and grant Chevron a license to resume oil production in the country.

 

Sanctions were implemented …

November 28, 2022 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, South America
Source: World Oil

Chevron looks to revamp Venezuela oil pact to boost output

World Oil


(Bloomberg) — Chevron Corp. wants more control over the oil it produces in Venezuela, a move that would help the driller boost output and recover debt if the US eases sanctions amid a global fuel crunch.

The energy …

Sour World Oil

Defying U.S. sanctions, Venezuela doubles crude oil exports

World Oil


(Bloomberg) –Oil exports from Venezuela doubled in December from a year earlier as the country raises production of revenue-generating hydrocarbons in defiance of U.S. sanctions.

Shipments averaged 619,000 barrels a day in December. The OPEC-founding member increased exports …

January 4, 2022 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

EXCLUSIVE Venezuela swapped PDVSA oil for food, then punished the dealmakers

Reuters


CARACAS -With U.S. sanctions spooking key oil buyers and depriving its government of cash, Venezuela last year inked a deal with a little-known local company to swap crude for food, Reuters has learned.

That agreement saw state oil company …

Source: World Oil

Equinor and TotalEnergies exit key Venezuelan JV project

World Oil


French oil company TotalEnergies SE and Norway’s Equinor ASA are exiting a key venture in Venezuela, adding to an exodus of foreign firms in recent years as the country’s energy industry has withered.

The companies transferred to state-owned

Source: Reuters

EXCLUSIVE China’s CCPC takes centre stage in Iran, Venezuela oil trade-sources

US News


LONDON/SINGAPORE/MEXICO CITY – A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude, seven …

Source: Reuters

China’s oil imports from Saudi Arabia fall 19% in June, remains top supplier

Reuters


BEIJING – Saudi Arabia was China’s biggest crude oil supplier in June for the eighth consecutive month, customs data showed on Tuesday, while shipments from United Arab Emirates and Kuwait fell further, possibly signalling slower imports of Iranian oil.…

Source: Reuters

Venezuela slams U.S. court approval of Citgo parent sale as ‘fraudulent’

Reuters


CARACAS – Venezuelan Foreign Minister Jorge Arreaza on Saturday criticized a U.S. court ruling authorizing a sale of the shares in the parent company of U.S. refiner Citgo Petroleum Corp, calling it the result of a “fraudulent judicial process.”…