Venezuela Archives - Page 8 of 20

Venezuela in talks with oilfield services firms to revive oil production

November 6, 2023

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

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

October 23, 2023

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. Here’s

Venezuela pursuing former oil clients after US sanctions lift

October 20, 2023

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

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

October 19, 2023

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 oil production currently stands at around 800,000 barrels per day (bpd), according to various estimates. The eased sanctions would allow the South

Chevron readies new oil drilling push in Venezuela to boost output

September 25, 2023

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 clipped by U.S. sanctions, three people familiar with the matter said. The effort could help Venezuela keep lifting crude production and speed

U.S. drafts sanction relief proposal for Venezuela

August 24, 2023

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 reported, citing unnamed sources. “Should Venezuela take concrete actions toward restoring democracy, leading to free and fair elections, we are prepared to

Eni, Repsol to receive natural gas export licenses in Venezuela

May 15, 2023

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 country already signed an agreement with the European energy giants on May 5 that allows for the export of natural

Chevron’s Venezuelan oil export hopes hit snag

May 8, 2023

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 up crude oil exports from the sanctioned country—but in order to do that, Lake Maracaibo needs to be dredged. And

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

March 29, 2023

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 commodities firm Maroil Trading AG, responsible for most of the country’s exports of petroleum coke, also known as petcoke, owes PDVSA

Venezuela halts nearly all oil exports amid payment probe

March 24, 2023

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 has so far seen at least 20 arrests and the resignation of Venezuela’s oil minister, is now at a stage where invoices

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

March 22, 2023

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 the U.S. sanctions on its exports, Venezuela started turning in 2020 to little-known oil trade intermediaries after the withdrawal of legacy oil

Chevron to take control of Venezuelan oil facility this week

December 7, 2022

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. Oil Minister Tareck El Aissami and the head of Chevron’s operations in the country, Javier La Rosa, are set

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