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 and the Bolivarian Republic of Venezuela on the potential development of gas resources in the Manakin-Cocuina field,” the supermajor said
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 with the matter said. A federal court in Delaware is auctioning the shares of a parent of Venezuela’s foreign crown
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 that had boosted crude exports and helped stem domestic fuel shortages. The expected April return of U.S. sanctions on Venezuela’s
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 visited oil fields in Lake Maracaibo this week in what people familiar with the matter described as a courtesy trip.
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 and gas sector will be allowed to expire on April 18, unless the government holds free and fair presidential elections.
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 Spanish and Italian companies are hammering out contract terms between their oil ventures and state-owned Petróleos de Venezuela SA, according
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 Shell Plc., Repsol SA, Hungary’s Mol Nyrt, Sweden’s Maha Energy AB, the National Gas Company of Trinidad and Tobago and
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 the matter said. The license could set in motion a long-running effort by Trinidad to boost its gas processing and
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 the matter. Chevron has already sent one cargo to Venezuela as part of what could be an expanded oil swap agreement under
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. Venezuela’s state-controlled oil firm PDVSA is discussing hiring equipment and services from oilfield services suppliers now that the United States has lifted sanctions on Venezuela’s
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 of their expertise and technology to crude fields and infrastructure that atrophied amid years or underinvestment, civil turmoil and international isolation. Source:
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. The United States on Wednesday lifted for six months most restrictions on Venezuela for producing, selling and exporting oil to its
