Venezuela – Page 9 – Oil & Gas 360

Chevron’s Biggest Venezuela Oil Venture Hit Hard by Outages

April 26, 2019

From Bloomberg Chevron Corp.’s largest producing joint venture with Venezuela is still struggling to resume normal operations after rolling blackouts temporarily knocked oil output to zero. Production at Petropiar, an oil upgrader jointly owned by Chevron and state-owned Petroleos de Venezuela SA, fell by half from February to March as the government rationed electricity in the Orinoco Belt, according to

U.S. Adds Sanctions on Vessels, Companies Shipping Venezuelan Oil to Cuba

April 8, 2019

U.S. sanctions vessels, companies tied to Venezuelan oil

Oil & Gas 360 - Venezuela will stick to its plan of blending domestic and foreign crude to maintain and even increase oil production and exports in the face of sanctions prohibiting U.S. companies from buying the country’s oi

Venezuela’s PDVSA Braces for Low Output from Crucial Crude Upgraders

April 5, 2019

From Reuters Venezuelan state-owned oil company PDVSA expects its crucial crude upgraders to operate well below capacity this month, according to industry sources and documents seen by Reuters, as U.S. sanctions and energy blackouts hit the OPEC nation’s oil industry. Venezuela depends on the upgraders, which are mostly operated by joint ventures with foreign companies, to convert the extra-heavy crude

Venezuela Oil Exports Stable in March Despite Sanctions, Blackouts

April 3, 2019

From Reuters Venezuela’s state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents and Refinitiv Eikon data. The OPEC member stabilized exports in March after shipments fell about 40 percent in February from the prior months, in the immediate

Uncertainty over oil supply and demand fundamentals is making it tougher for Russia and Saudi Arabia -- the architects of the OPEC+ deal -- to reconcile their differences - Oil & Gas 360

OPEC Output Slides as Saudis Deepen Cut, Venezuela Crisis Grows

April 1, 2019

From Bloomberg OPEC’s crude production slid for a fourth month as Saudi Arabia pressed on with output curbs aimed at balancing global markets, and as an economic crisis in Venezuela escalated. Despite pressure from U.S. President Donald Trump to keep oil supplies flowing and put a lid on rising prices, the Saudis and other members of the cartel remain resolved to restrain

U.S. weighs more sanctions on Venezuela to halt fuel deals: Bloomberg- oil and gas 360

Activity Halted at Venezuela’s Oil Port, Upgraders After Blackout

March 27, 2019

From Reuters Venezuela’s main oil export port of Jose and four crude upgraders have been unable to resume operations following a power blackout on Monday, according to industry workers and a union leader close to the facilities. The most recent oil shipment for export, on the carrier Dragon chartered by Russia’s Rosneft, left Jose, which is owned by state-run PDVSA,

U.S. Buyers of Venezuelan Oil Sub in Shell, Bp Offshore Crude

March 25, 2019

From Reuters Sanctions on Venezuela’s oil industry have made winners out of Gulf of Mexico offshore heavyweights Royal Dutch Shell Plc and BP Plc as U.S. refiners in need of substitutes are scooping up oil produced in the region. The two major oil companies produce notable amounts of crude oil that refiners have settled on as the immediate replacement for

U.S. acts to keep Citgo operating in face of Venezuela sanctions

March 15, 2019

From Reuters The U.S. Treasury on Thursday gave U.S. refiner Citgo Petroleum Corp a further 18 months to buy crude and make debt payments while under sanctions against its parent, Venezuelan state-run energy firm Petróleos de Venezuela (PDVSA). The United States levied sanctions in January on PDVSA and Venezuela aimed at the removal of socialist President Nicolas Maduro, whom the

Ready to Invest in Venezuela? Banker Ponders $3 Billion Fund

March 15, 2019

From Bloomberg Maynard Holt is already thinking about how you can invest in Venezuela. The chief executive officer of Houston-based energy investment bank Tudor, Pickering, Holt & Co. said Wednesday he’s exploring the formation of a fund as big as $3 billion to invest in Venezuela one day after fielding a question about it at an industry conference. Holt was

Venezuelan Collapse Drives Lower OPEC Output

March 14, 2019

Overall production down 221 MBOPD By Richard Rostad, analyst, Oil & Gas 360 OPEC production fell sharply in February, with several major producers reporting declines according to OPEC’s Monthly Oil Market Report. Overall oil output dropped by 221 MBOPD in 2019, bringing total group production to 30.5 MMBOPD. This is the lowest reported output since February 2015, according to Bloomberg.

Venezuela’s Opposition Leader Seeks Foreign Drillers Sans National Oil Company JVs

March 13, 2019

Things in Venezuela are ‘badly broken’: Schlumberger Venezuelan officials close to tears in emotional appearance From Bloomberg Venezuela’s opposition leader is rolling out the welcome mat to foreign investors who want a piece of the world’s largest oil reserves. In a major break from the policies of President Nicolas Maduro and his late predecessor Hugo Chavez, Venezuelan opposition chief Juan

Venezuela’s Guaido Moves to Re-Open Energy Industry

March 12, 2019

From Reuters Venezuela’s interim government led by congress head Juan Guaido is preparing new legislation to reverse late President Hugo Chavez’s energy industry nationalization, allowing private companies a bigger role in its oilfields and shrinking state-run PDVSA, according to sources and a draft seen by Reuters. The proposal is vital to reverse a collapse of the OPEC-member nation’s oil industry,

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