CARACAS, VENEZUELA (Nicolle Yapur, Bloomberg, 27.May.2024) — US energy magnate Harry Sargeant III secured a license to continue importing asphalt from Venezuela without breaching US sanctions. Oil firms that want to stay or operate in Venezuela have been applying for permits from the US Treasury after Washington reimposed sanctions last month. Texas-based […]
Category: Venezuela
Venezuela energy
Up to 50 Firms Seek U.S. Oil Licenses in Venezuela, Official Says
(Reuters, 23.May.2024) — The U.S. has received up to 50 requests for individual licenses from companies aiming to do business in Venezuela’s oil industry, following the expiration of a general authorization granted last year to the sector, the chief of the U.S. mission for Venezuela said late on Wednesday. The U.S. Treasury Department in mid-April […]
Poland Hunts for $330mn of Orlen Payments for Venezuela Oil
(Reuters, 14.May.2024) — A Swiss unit of Polish refiner Orlen paid two Dubai-based intermediary companies $330 million for Venezuelan oil, but Venezuela’s state oil company PDVSA never received the money, according to sources and a document seen by Reuters. Prosecutors in Poland are investigating the loss of about $400 million […]
Citgo Petroleum Reports 1Q:24 Results
(Citgo, 9.May.2024) — Citgo Petroleum Corporation reported its 2024 first quarter financial and operational results. Historically favorable refining margins and strong asset reliability led to first quarter net income of $410mn, EBITDA of $709mn and Adjusted EBITDA of $677mn, compared with net income of $937mn and EBITDA of approximately $1.4bn(2) for the first quarter of 2023. (1) EBITDA […]
LNG Energy Group on Results, Venezuela
(LNG Group, 30.Apr.2024) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: E26) announced its financial and operating results for the year ended on 31 Dec. 2023. On 15 Aug. (the “Closing Date”), LNG Energy Group completed the acquisition of Lewis Energy Colombia, Inc. and the financial and […]
EAI’s NRGBriefs: April 2024
(Energy Analytics Institute, 30.Apr.2024) — Energy briefs as well as others related to finance and projects during April 2024 including ExxonMobil, Hess and CNOOC announcing a $12.7bn FID for their sixth project offshore Guyana dubbed Whiptail; YPF SA launching the “Andes” project to divest 55 mature conventional fields and focus […]
Broken Promises: US Oil Sanctions and Venezuela
(Rystad Energy, 29.Apr.2024) — For President Joe Biden, the situation in Venezuela remains a fly in the ointment, weighing on the administration’s energy and foreign policy. President Nicolas Maduro has seemingly remained impervious to either the carrot or stick handed out by the US and looks set to carry out […]
Chevron Reveals 1Q:24 Results
(Chevron, 26.Apr.2024) — Chevron Corporation (NYSE: CVX) reported earnings of $5.5bn ($2.97/share – diluted) for first quarter 2024, compared with $6.6bn ($3.46/share – diluted) in first quarter 2023. Foreign currency effects increased earnings by $85mn. Adjusted earnings of $5.4bn ($2.93/share – diluted) in first quarter 2024 compared to adjusted earnings of […]
LNG Energy Inks Productive Participation Contracts in Venezuela
(LNG Energy Group, 24.Apr.2024) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FRA: E26) announced that its wholly-owned subsidiary, LNGEG Growth I Corp. (LNG Venezuela), entered into a binding agreement with PDVSA Petroleo S.A. (PPSA), a subsidiary of Petroleos de Venezuela S.A. (PDVSA), the Venezuelan national oil […]
Billionaire Texas Oilman Inks Deal with PDVSA as US Sanctions Loom
(AP, 24.Apr.2024) — A company started by a Texas billionaire oilman announced a deal Wednesday with Venezuela’s state-owned oil company to rehabilitate five aging oil fields, days after the Biden administration put a brake on sanctions relief over concerns about the fairness of the country’s upcoming presidential election. LNG Energy […]
Potential Sour Crude Deficit Looming in the Gulf
(BTU Analytics, 23.Apr.2024) — Historically, more than half of Mexico’s heavy sour crude oil exports, mostly Maya blend, end up in the U.S., which is key for refining along the Gulf Coast, also known as PADD 3. However, recent reports suggest Mexico’s national oil company, PetrĂłleos Mexicanos (Pemex), could cut […]
US Reimposes Venezuela Oil Sanctions
(Argus, 17.Apr.2024) — The US administration today reimposed sanctions targeting Venezuela’s oil exports and energy sector investments and set a deadline of 31 May for most foreign companies to wind down business with state-owned PdV. The US decision rescinds a sanctions waiver issued last October, which allowed Venezuela to sell […]
Expiration of US Oil License to Venezuela to Impose a Ceiling on Output Growth
(Reuters, 17.Apr.2024) — The expiration of the widest U.S. license so far granted to Venezuela’s oil and gas industry will put a ceiling on the South American country’s slow crude production growth unless Washington grants enough individual authorizations to compensate, according to analysts and experts. Washington officials said on Wednesday the license […]
June Deadline set for Citgo Auction Bids
(Argus, 17.Apr.2024) — Bidders for Citgo‘s US refining assets have until 11 June to submit offers for the company’s 805,000 b/d of refining capacity and associated assets, with a tentative sale hearing set for 15 July. Documents filed Tuesday in the US District Court for the District of Delaware set […]
OFAC Issues GL44A to Replace GL44 in Venezuela
(Energy Analytics Institute, 17.Apr.2024) — The U.S. Office of Foreign Assets Control (OFAC) issued General License 44A, which supersedes and replaces General License 44, and authorizes the wind down of transactions related to oil or gas sector operations in Venezuela. ____________________ By Piero Stewart. © Energy Analytics Institute (EAI). All […]
Negotiations Fail to Renew Venezuela Sanctions Relief License
(S&P Global, 17.Apr.2024) — A few hours before the expiration of a temporary oil and gas sanctions relief license, the governments of Venezuela and the United States continue to negotiate without success its renewal under the requirement of holding competitive presidential elections on July 28, Venezuelan officials said. “Today at […]
US Not to Renew Easing of Venezuela Oil Sanctions Unless Progress Made on Elections
(Reuters, 15.Apr.2024) — The U.S. will not renew a temporary license set to expire on Thursday that widely eased sanctions on Venezuela’s oil and gas sector, a State Department spokesperson said, unless progress is made by President Nicolas Maduro on commitments for free and fair elections this year. The U.S. […]
BP in Talks to Sell Some Trinidad Upstream Gas Assets to Perenco
(Reuters, 8.Apr.2024) — BP is close to an agreement to sell some of its Trinidad and Tobago oil and gas assets to Anglo-French oil company Perenco, according to three people familiar with the talks. BP is Trinidad and Tobago’s largest natural gas producer with an output of just over 1.3 billion […]
Venezuelan Production with US Sanctions Not Reimposed, Reimposed: Rystad
(Rystad Energy, 4.Apr.2024) — As the deadline for US sanctions relief on Venezuela ends on 18 Apr. 2024, the outlook for the South American nation’s oil industry appears uncertain. If the US does not reimpose sanctions, Venezuela could surpass the 1 million barrels per day (bpd) threshold as early as […]
Venezuela’s Parliament Approves Creation of State in Disputed Oil-Rich Essequibo
(AFP, 23.Mar.2024) — Caracas has long laid claim to Essequibo, which makes up about two-thirds of Guyana’s territory, but started taking active steps to retrieve the land after massive offshore oil deposits were discovered there in 2015. Lawmakers unanimously approved a law on Thursday that was drawn up after a December […]
Chevron Venezuela Manager Jailed Amid Crackdown on Gov’t Critics
(AP, 23.Mar.2024) — A former fighter pilot jailed in Venezuela in February for his ties to a prominent human rights attorney is an employee of U.S. oil firm Chevron, The Associated Press has learned, an arrest that combined with other recent repressive acts by Nicolás Maduro’s government is straining efforts […]
Trinidad Seeks US License for BP Gas Project Shared with Venezuela
(Reuters, 21.Mar.2024) — The government of Trinidad and Tobago has begun talks with the U.S. for a license that would allow the joint development of a natural gas project shared with Venezuela that also involves BP, Energy Minister Stuart Young said on Thursday. The Manakin-Cocuina areas are part of the […]
Maria Corina Machado faces deadline in race against Maduro
(AP, 16.Mar.2024, Words: 1,120) — It’s her choice — but one on which the hopes of millions of Venezuelans fighting to restore their democracy depends. Barred from running for office, opposition leader MarĂa Corina Machado is facing pressure from foreign leaders and fellow government opponents to abandon her dead-end presidential […]
Venezuela, MEEI, NGC, and bpTT talk Manakin/Cocuina field
HOUSTON, TEXAS (By Pietro D. Pitts, Editores LatinPetroleum, 14.Mar.2024, Words: 183) — Parties from Trinidad and Tobago and Venezuela met in Caracas, Venezuela on 13 Mar. 2024 to commence engagement, discussions and negotiations related to the cross border Manakin/ Cocuina hydrocarbon field. The presentations and discussions including the exchange of […]
Hess Updates Employees on Chevron Merger
(Hess, 7.Mar.2024) — Today, ExxonMobil announced that it is filing for arbitration regarding the applicability of a right of first refusal (ROFR) / pre-emption provision in the Stabroek joint operating agreement. We believe that the ROFR / pre-emption provision does not apply to the Chevron-Hess merger. We remain fully committed to […]
Exxon Signals Potential Counter Offer for Hess’s Guyana Assets
(Reuters, 6.Mar.2024) — Exxon Mobil Corp on Wednesday said it filed a contract arbitration claim related to Hess Corp‘s proposed sale of its Guyana oil properties, and suggested it may counter Chevron Corp‘s pending deal for the assets. The arbitration case seeks to preserve Exxon’s right to evaluate making a bid […]
Petrowarao Reactivates A-162 Gas Condensate Well in Zulia
(Energy Analytics Institute, 29.Feb.2024) — The mixed company Petrowarao, S.A. reactivated the A-162 gas condensate well in Zuila state in western Venezuela. The achievement was possible due to major maintenance work and the repair of lake pipelines, state-owned PetrĂłleos de Venezuela, S.A. (PDVSA) announced 29 Feb. 2024 in an official statement. […]
PDVSA and Chevron oversee Petropiar safety operations
PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 29.Feb.2024, Words: 140) — Executives with state-owned PetrĂłleos de Venezuela, S.A. (PDVSA) and Chevron Venezuela supervised safety operations at the PDVSA Petropiar, S.A. joint venture as part of scheduled visits slated for 2024. Executives participating included the president of the board of directors […]
Maduro Says Venezuela’s Economy to Grow 8% in 2024
(Energy Analytics Institute, 28.Feb.2024) — Venezuela’s President Nicolás Maduro said he expects the economy of the Opec country to grow 8% in 2024. The president made the comments during a live broadcast on Venezuelan state television. ____________________ By Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.
Repsol CEO Josu Jon Imaz comments on Venezuela situation, Cardon IV production
BELIZE CITY, BELIZE (Aaron Simonsky, Energy Analytics Institute, 22.Feb.2024) — Repsol CEO Josu Jon Imaz commented on the Spanish company’s operations in Venezuela under Washington’s most recent OFAC license. “We are putting the same metrics we had in November before the license approved by the American administration at the end of the […]
![Repsol Reveals Strategic 2024-2027 Update [PDF Downloads]](https://energy-analytics-institute.org/wp-content/uploads/2022/05/53431_repsol-sede-cerca.jpg)
Repsol Reveals Strategic 2024-2027 Update [PDF Downloads]
(Repsol, 22.Feb.2024) — “Over the next four years we will stay the course on the strategy we presented in our previous plan to address the energy transition and we will focus on all the types of energy that meet our customer’s needs. We are convinced that this approach, in which […]
MEEI Engages with Oil Spill Removal Experts
(MEEI, 20.Feb.2024) — In accordance with the National Oil Spill Contingency Plan (NOSCP), the Ministry of Energy and Energy Industries (MEEI) continues to collaborate with the Tobago House of Assembly (THA) and the Tobago Emergency Management Agency (TEMA), to progress oil spill response operations off the southern coast of Cove, […]
PDVSA’s domestic refineries producing only around 230,000 b/d
CARACAS, VENEZUELA (Piero Stewart, Energy Analytics Institute, 18.Feb.2024, Words: 130) — Venezuela’s state-owned oil giant PetrĂłleos de Venezuela (PDVSA), which has a total processing capacity of 1.303 million b/d from its 6 domestic refineries – Amuay, CardĂłn, Bajo Grande, Puerto la Cruz, El Palito and San Roque – is only […]
ExxonMobil to explore in area disputed by Guyana and Venezuela
GEORGETOWN, GUYANA (AP, 7.Feb.2024, Words: 370) — ExxonMobil said it plans to explore for oil and gas in a disputed area off South America’s coast where the Venezuelan military had previously expelled two U.S. oil companies. The move could escalate tensions between Venezuela and neighboring Guyana, which awarded the exploration […]
FAQs: Suspension of Certain U.S. Sanctions with Respect to Venezuela
(OFAC, 2.Feb.2024) — Actions by Maduro and his representatives in Venezuela, including the arrest of members of the democratic opposition and the barring of candidates from competing in this year’s presidential election, are inconsistent with the agreements signed in Barbados in Oct. 2023 by representatives of Maduro and the opposition […]
EAI’s NRGBriefs: January 2024
(Energy Analytics Institute, 31.Jan.2024) — Energy briefs as well as others related to finance and projects during Jan. 2024 including Washington reviewing its sanctions policy on Venezuela; QatarEnergy confirming that Qatar’s LNG production continues uninterrupted; Evercore ISI continuing on Biden’s moves to pause on LNG export terminal approvals; an S&P […]
![Petroleum sanctions in Venezuela: origins, scope and failures [PDF download]](https://energy-analytics-institute.org/wp-content/uploads/2025/05/female-worker-source-pdvsa.jpeg)
Petroleum sanctions in Venezuela: origins, scope and failures [PDF download]
CARACAS, VENEZUELA (By Carlos Rossi for Editores LatinPetroleum, 31.Jan.2024, Words: 340) — Although US sanctions imposed on Venezuelan individuals for corruption charges date as far back as the beginning of the first decade of this century, the origin of US sanctions against the nation of Venezuela date back to the […]
US Warns Maduro of Sanctions Snap Back
(Energy Analytics Institute, 30.Jan.2024) — US State Department spokesperson Matthew Miller said there’s still time for the Nicolás Maduro regime in Venezuela to change course but said that if they didn’t that Washington was prepared “to allow General License #44 expire and “our sanctions will snap back into place.” “There […]
OFAC on Wind Down of Transaction of CVG [PDF Download]
(Energy Analytics Institute, 29.Jan.2024) — The US Department of the Treasury‘s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 43A on 29 Jan. 2024, which relates to “Authorizing the Wind Down of Transactions Involving CVG Compania General de Mineria de Venezuela CA.” ____________________ By Ian Silverman. © Energy […]
![Petroleum sanctions in Venezuela [PDF download]](https://energy-analytics-institute.org/wp-content/uploads/2020/04/pdvsa-960x640-venezuela-latamnrg.jpg)
Petroleum sanctions in Venezuela [PDF download]
CARACAS, VENEZUELA (Energy Analytics Institute, 28.Jan.2024) — If the US experiences the return of Donald Trump as president, or if in Venezuela Maria Corina Machado’s handpicked successor wins, or both, no one is sure what will happen. So international oil companies (IOCs) will likely sit tight and not invest but […]
Venezuela Court Disqualifies Leading Opposition Candidate
(Al Jazeera, 27.Jan.2024) — Venezuela’s Supreme Justice Tribunal has upheld a ban which prevents presidential candidate Maria Corina Machado from holding office, upending the opposition’s plans for elections planned for later this year. Machado, a former lawmaker, won the opposition’s independently run presidential primary last October with more than 90 […]
Venezuela: Arrests and Detentions of Opposition, Civil Society
(US State Department, 23.Jan.2024) — The United States is deeply concerned by the issuance of arrest orders and detentions against at least 33 Venezuelans, including members of the democratic opposition, civil society, former members of the military, and journalists. Arrests without due process run contrary to the spirit of the […]
Trinidad in Talks with Europe to Supply Venezuelan Gas
(Reuters, 22.Jan.2024) — Trinidad and Tobago has begun talks with some European countries on the supply of liquefied natural gas (LNG) produced from Venezuelan gas, Prime Minister Keith Rowley said on Monday. Venezuela’s government in December granted a 30-year license to Shell (SHEL.L), opens new tab and Trinidad’s National Gas Company (NGC) for joint […]
US Court Accepts $20.8bn in Claims Against Venezuela in Citgo Auction
(Reuters, 19.Jan.2024) — A U.S. court on Friday approved claims by 17 Venezuela-linked creditors, including ConocoPhillips, Rusoro Mining and Koch Industries, to get proceeds from a coming auction of shares in the parent of Venezuela-owned oil refiner Citgo Petroleum to satisfy claims for expropriations and debt defaults. The list, which […]
OFAC Updates on PDVSA Bond, Transactions [PDF Download]
(Energy Analytics Institute, 16.Jan.2024) — The US Office of Foreign Assets Control (OFAC) authorized certain transactions related to state-owned PetrĂłleos de Venezuela, S.A.‘s 2020 8.5% bond on or after 16 Apr. 2024, the agency revealed 16 Jan. 2024 in an official statement. ____________________ By Piero Stewart. © Energy Analytics Institute […]
More Venezuela Creditors to Join Citgo Auction
(Reuters, 8.Jan.2023) — A U.S. judge on Monday granted a large group of Venezuela-linked creditors rights to participate and receive proceeds from a coming auction of shares in the parent of Houston-based refiner Citgo Petroleum. A precedent-setting lawsuit by Canadian miner Crystallex Corp formally tied Venezuela-owned Citgo to the South […]
ONGC Videsh to Get Some Oil from Venezuela
(Reuters, 3.Jan.2023) — Venezuela has agreed to give some oil to India’s ONGC Videsh to help it recoup its pending $600 million dividend for a stake in a project in the South American nation, India’s oil secretary said on Wednesday. Indian refiners have resumed purchase of Venezuelan oil following the easing of U.S. […]
Venezuela’s 2023 Oil Exports Rose, Aided by US Sanctions Easing
(Reuters, 3.Jan.2023) — Venezuela’s oil exports increased 12% last year to almost 700,000 barrels per day (bpd) as the United States eased sanctions imposed since 2019 on the OPEC country’s energy sector, according to data and documents viewed by Reuters. The increase shows the impact of sanctions relaxation on the […]
EAI’s NRGBriefs: Dec. 2023
(Energy Analytics Institute, 31.Dec.2023) — Energy briefs as well as others related to finance and projects during Dec. 2023 including why Venezuela wants to annex the Essequibo; Petrobras acquiring 29 blocks in the Pelotas basin in the 4th Permanent Concession Offer Cycle of the National Agency of Petroleum, Natural Gas […]
The Energy Chamber: Dragon Deal a Historic Achievement
(Trinidad and Tobago Energy Chamber, 22.Dec.2023) — The Ministry of Energy and Energy Industries has announced that the Bolivarian Republic of Venezuela has granted the license for the Dragon Gas Field to The National Gas Company of Trinidad and Tobago Limited and Shell to develop and produce gas for export […]