Venezuela Archives - Page 17 of 47 - Editores LatinPetroleum

Trinidad Inks Gas Deal with Venezuela

(Trinidad and Tobago Ministry of Energy and Energy Industries, 22.Dec.2023) — Historic and unprecedented energy deals for Trinidad and Tobago that provide us with positive outlooks for our future, the Honorable Stuart R. Young, MP, Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister […]

Tice Family on Release of US Prisoners from Venezuela

(National Press Club, 21.Dec.2023) — Following is a statement via the National Press Club from the family of long-detained journalist Austin Tice, on the release of 10 imprisoned Americans in a prisoner swap with Venezuela. “The news of the release of the US hostages from Venezuela is uplifting and encouraging. No doubt a joyful […]

Venezuela grants Dragon gas field license

HOUSTON, TEXAS (Piero Stewart, Energy Analytics Institute, 20.Dec.2023) — The National Gas Company of Trinidad and Tobago (NGC) and Shell were granted a license for the exploration and exploitation of non-associated gas in the Dragon field, located in Venezuela’s Paria peninsula. The license was granted during a signing ceremony in […]

Joint Declaration between Guyana and Venezuela

(CELAC, 14.Dec.2023) — On Thursday, 14 Dec. 2023, in Argyle, Saint Vincent and the Grenadines, His Excellency Irfaan Ali, President of the Co-operative Republic of Guyana and His Excellency Nicolas Maduro, President of the Bolivarian Republic of Venezuela held discussions on matters consequential to the territory in dispute between their […]

Guyana, Venezuela agree to not use force in Essequibo spat

(Reuters, 14.Dec.2023) — Guyana and Venezuela on Thursday agreed to avoid any use of force and to not escalate tensions in their long-running dispute over the oil-rich Esequibo area after a meeting between their heads of state in Saint Vincent and the Grenadines. The 160,000-square-km (62,000-square-mile) region is generally recognized […]

Tensions Soar Between Guyana and Venezuela over Essequibo

(AP, 9.Dec.2023) — A century-old territorial dispute deepened by the discovery of oil is boiling over between neighbors Guyana and Venezuela. Steeped in patriotism, the Venezuelan government is seizing on the fight to boost support ahead of a presidential election among a population fed up with a decadelong crisis that has pushed […]

Venezuela Issues Arrest Warrants for Opposition Staffers for Treason

(Reuters, 6.Dec.2023) — Venezuela’s attorney general on Wednesday said there are arrest warrants for three people involved in the campaign of opposition presidential nominee Maria Corina Machado, for crimes including treason. A lawyer for Machado’s Vente Venezuela party said the three people have always acted correctly. The warrants for Henry […]

Chevron Reveals $16bn Capex Budget for 2024

(Chevron, 6.Dec.2023) — Chevron Corporation (NYSE: CVX) announced an expected organic capital expenditure range of $15.5bn to $16.5bn for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approximately $3bn for 2024. Upstream spending in 2024 is expected to be about $14bn. Of this planned expenditure, two-thirds […]

Secretary Blinken’s Call with Guyana’s President Irfaan Ali

(US Treasury, 6.Dec.2023) — Secretary of State Antony J. Blinken spoke with Guyanese President Dr. Mohamed Irfaan Ali to reaffirm the United States’ unwavering support for Guyana’s sovereignty. The Secretary reiterated the United States’ call for a peaceful resolution to the dispute and for all parties to respect the 1899 arbitral […]

Maduro Orders Immediate Oil and Gas Exploration in Disputed Territory

(Voice of America, 6.Dec.2023) — Venezuelan President Nicolas Maduro has ordered state-owned oil, gas and mining companies to “immediately” begin operations in a wide territory controlled by neighboring Guyana. Maduro issued the order Tuesday, two days after Venezuleans voted overwhelmingly to approve a referendum that would annex the 160,000-square kilometer […]

Venezuela Moves to Claim Guyana-Controlled Region

(BBC, 6.Dec.2023) — Venezuelan President Nicolás Maduro is plunging ahead with its plans to take over Essequibo, the oil-rich region controlled by neighbouring Guyana. He has ordered the state oil company to issue extraction licences there and proposed the National Assembly pass a bill making the area part of Venezuela. […]

Maduro to Permit Development in Disputed Territory

(Reuters, 5.Dec.2023) — Venezuelan President Nicolas Maduro said on Tuesday he would authorize oil exploration in an area subject to a dispute with Guyana, which said it would report his comments to the United Nations and the International Court of Justice (ICJ). Maduro’s pledge to permit development around the Esequibo […]

Venezuela votes on disputed Essequibo region

PANAMA CITY, PANAMA (Energy Analytics Institute, 4.Dec.2023) — Venezuelans voted in fair referendum claiming sovereignty over the Essequibo region, a disputed area on Venezuela’s eastern border with Guyana. The region spans roughly 60,000 square miles and is comprised mainly of dense jungle and is rich in oil and mineral reserves.

Venezuela Wins Vote Claiming Part of Guyana

(AP, 4.Dec.2023) — Venezuelan President Nicolás Maduro got the victory he sought in a weekend referendum on whether to claim sovereignty over an oil-rich area of neighboring Guyana. But lackluster turnout suggested his government is losing influence and is tone deaf to people’s needs. Maduro’s government had promoted the referendum […]

Venezuelans Vote on Sovereignty Over Part of Guyana

(CNBC, 4.Dec.2023) — Venezuelans on Sunday voted to claim sovereignty over a large swathe of their oil-rich neighbor Guyana, marking the latest escalation in a long-standing territorial dispute between the countries. Voters were asked if they supported the establishment of a new state in the contested area, known as the Essequibo. […]

Court Bars Venezuela from Altering Guyana’s Control over Essequibo

(AP, 1.Dec.2023) — The United Nations’ top court on Friday ordered Venezuela not to take any action that would alter Guyana’s control over a disputed territory, but did not specifically ban Venezuela from holding its planned referendum Sunday on the territory’s future. Guyana had asked the International Court of Justice to order […]

EAI’s NRGBriefs: Nov. 2023

(Energy Analytics Institute, 30.Nov.2023) — Energy briefs as well as others related to finance and projects during November 2023 including PDVSA and the French co. Maurel & Prom inking a first framework agreement; Venezuela to hold referendum related to the Essequibo disputed region between Venezuela and Guyana; Colombia’s National Hydrocarbon […]

On the Uses and Misuses of Venezuela Sanctions

(CSIS, 29.Nov.2023) — Over the last month, the Biden administration has presided over a sea change in U.S. policy toward Venezuela. The recent lifting of sanctions on the Maduro regime is the most significant alteration of Venezuela policy in the last several years, coupled with routine deportation flights started on the same day as […]

LatAm Upstream Opportunities and Challenges: WoodMac

(WoodMac, 24.Nov.2023) — With nearly 15 billion barrels worth of varied resources discovered in the region since the turn of the decade, the future looks bright for upstream oil and gas in Latin America. Opportunities of all kinds are fuelling stratospheric expectations for Majors, national oil companies (NOCs) and mid-caps […]

Corina Machado says Venezuela to end socialism: El Nacional

HOUSTON, TEXAS (Aaron Simonsky, Energy Analytics Institute, 24.Nov.2023, Words: 156) — Vente Venezuela national coordinator and opposition leader María Corina Machado said the next president of the Opec country would be picked by its citizens, according to the daily newspaper El Nacional. “The disqualification doesn’t stop anyone,” the newspaper reported […]

China Slows Venezuela Crude Buys

(Reuters, 23.Nov.2023) — The suspension of U.S. sanctions on Venezuelan oil has rattled its biggest customers, China’s independent refiners, who are now holding off on making new purchases amid wide discrepancies in offer prices, trading sources say. The independent refiners have for years bought Venezuelan oil at steep discounts, but since Washington lifted […]

Venezuela Producing 850,000 bpd, Hopes to Recover US Market

(Reuters, 22.Nov.2023) — Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country’s deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation. Washington in October issued a license allowing Venezuela to […]

The lifting of sanctions and the oil collapse of Venezuela [PDF download]

(Rafael Ramírez, 16.Nov.2023) — On 18 Oct., the US Office of Foreign Assets Control (OFAC)[1] issued Licenses 43 and 44,[2] lifting the sanctions on the Venezuelan oil and mining sector that had been in place since Jan. 2019. The OFAC measure is of a temporary nature, for a period of six months, subject to compliance […]

Citgo Exits 3Q:23 with Liquidity of $3.86bn

(Citgo, 9.Nov.2023) — Citgo Petroleum Corporation reported its 2023 third quarter financial and operational results. Highlights: Net income of $567mn and EBITDA 1 of $895mn, compared to net income of $380 mn and EBITDA of $642mn for the second quarter of 2023Adjusted EBITDA 1 for the third quarter was approximately $833mn, which included two special items related to a legal settlement and a […]

Maurel & Prom Inks Deal in Venezuela [PDF Download]

(Sempra, 8.Nov.2023) — Maurel & Prom signed a set of agreements with Venezuela’s state owned PDVSA for the immediate restart of the activity of M&P’s mixed company in Venezuela. _________________

ConocoPhillips Comments on Venezuelan-Related Progress

(Energy Analytics Institute, 2.Nov.2023) — ConocoPhillips chairman and CEO Ryan Lance updated the analyst community on the company’s situation regarding Venezuela and recently started auction process for assets of Houston-based refinery Citgo Petroleum during a recent conference call. “We’re in a process with the Venezuelans right now. They also have […]

Venezuela’s October Oil Exports Fall 19% Despite U.S. Easing Sanctions

(Reuters, 2.Nov.2023) — Venezuela’s oil exports declined in October to less than 700,000 barrels per day (bpd) amid operational hiccups at the country’s main production region, in a sign any sustained output recovery after the lifting of U.S. oil sanctions might take time. The U.S. Treasury Department last month broadly eased […]

PetroChina Aims to Resume Venezuelan Oil Imports after 4-year Pause

(Reuters, 2.Nov.2023) — China’s PetroChina is proposing to buy up to 8 million barrels a month of Venezuelan crude from state-run oil company PDVSA, according to four people familiar with the matter, hoping to resume a trade suspended four years ago by U.S. sanctions. In October, the U.S. Treasury Department temporarily […]

Local Trinidad Operator Expresses Interest in Citgo Assets

(Trinidad Express, 2.Nov.2023) — Decker Petroleum and Marketing Company Ltd (DPMCL), based in Trinidad and Tobago, has written the US District Court of Delaware officially expressing its interest in acquiring the asphalt assets of Venezuelan oil refiner Citgo. In 2018, the US District Court of Delaware ordered PDV Holdings, the […]

Marathon’s SVP Heppner Says Company Not Interested in Citgo Assets

(Energy Analytics Institute, 31.Oct.2023) — Marathon Petroleum Corporation’s senior vice president of strategy and business development, Dave Heppner, responded to questions from analysts during the company’s third quarter 2023 conference call about rumors it was interested in Houston-based refiner Citgo Petroleum. Heppner said that in the current environment that refining […]

EAI’s NRGBriefs: Oct. 2023

(Energy Analytics Institute, 31.Oct.2023) — Energy briefs as well as others related to finance and projects during October 2023 including Vista‘s third quarter 2023 earnings presentation; the long-awaited Citgo Petroleum auction; Colombia’s first seabed allocation competitive process for offshore wind energy; former Trinidad and Tobago energy minister Kevin Ramnarine on […]

Venezuelan Oil Sanctions Relief at Risk as Court Suspends Opposition Primary Results

(S&P Global, 30.Oct.2023) — The Supreme Court of Justice (TSJ) in Venezuela ordered the suspension of the results of the opposition’s primary elections which was claimed to be won by María Corina Machado, and proclaimed as presidential candidate of the opposition, a decision that could put the relief of US […]

Asia May Have Little to Cheer from Lifting of Venezuelan Oil Sanctions

(S&P Global, 30.Oct.2023) — Asia may have little to cheer following the lifting of the sanctions on Venezuelan oil as increased competition for those Latin American cargoes could potentially make it difficult for buyers like China and India to source incremental cargoes from the supplier, prompting them to look at […]

Eni CFO Gattei Says Venezuela ‘Clearly Is Now An Opportunity’

(Energy Analytics Institute, 27.Oct.2023) — The CFO of Eni S.p.A., Francesco Gattei, commented on the situation in Venezuela during the Italian company’s third quarter 2023 conference call with analysts. Gattei said the Opec country is “clearly is now an opportunity”, referring to the state of play in the country after […]

Rowley: LNG Restructuring Saving T&T

(Trinidad Guardian, 27.Oct.2023) — Prime Minister Dr Keith Rowley yesterday described the signing in early December of the agreements to restructure the shareholding in Atlantic LNG as one of the most significant decisions that the Government has been able to accomplish. And he told the post-Cabinet news conference yesterday at […]

Chevron Reveals 3Q:23 Results, Comments on Hess Deal [PDF Downloads]

(Chevron, 27.Oct.2023) — Chevron Corporation (NYSE: CVX) reported earnings of $6.5bn ($3.48 per share – diluted) for third quarter 2023, compared with $11.2bn ($5.78 per share – diluted) in third quarter 2022. Included in the current quarter were a one-time tax benefit of $560mn in Nigeria and pension settlement costs […]

Repsol CEO Josu Jon Imaz Comments on Venezuelan Opportunities

(Energy Analytics Institute, 26.Oct.2023) — Repsol SA CEO Josu Jon Imaz updated the analyst community on the Spanish company’s situation in Venezuela during a recent conference call. “In Venezuela, we welcome the latest developments with regard to the easing of the U.S. sanctions affecting the oil sector. This is, let […]

CARICOM Comments on Guyana-Venezuela Board Dispute

(CARICOM, 25.Oct.2023) — The Caribbean Community (CARICOM) notes the decision of the Venezuelan National Assembly to conduct a popular referendum on defending Venezuela’s claim of the Essequibo. CARICOM further notes that two of the questions approved to be posed in the Referendum, if answered in the affirmative, would authorise the […]

Venezuelan Oil-Sanctions Relief Was Just Announced. It Could Be Tested Soon

(Barron’s, 23.Oct.2023) — The U.S. administration’s new oil sanctions relief toward Venezuela is broad-ranging and impactful. It’s unlikely to have any immediate effect on international oil prices, but it will likely realign the regional oil trade, which will benefit the U.S. refining system. It will also test whether a different foreign policy—and […]

Welligence says Hess Corporation gives Chevron Atlantic margin exposure

PANAMA CITY, PANAMA (Energy Analytics Institute, 23.Oct.2023, Words: 203) — US-based Chevron Corporation will acquire Hess Corporation for $60bn (including net debt), the second giant transaction of Oct. 2023 following the $65bn move by ExxonMobil to acquire Pioneer Natural Resources Company, both in all-stock transactions, Welligence Energy Analytics wrote 23 […]

Venezuela’s Heavy Oil Output Rises Limited Following US Sanctions Relief: EIA

(EIA, 23.Oct.2023) — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) effectively lifted most U.S. sanctions on Venezuela’s energy sector on October 18 for six months, paving the way for additional exports of the heavy, sour crude oil the country produces. That type of crude oil has been […]

Fast Output Recovery Still Challenging in Venezuela

(WoodMac, 20.Oct.2023) — Addressing the US Treasury Department’s partially lifted sanctions on Venezuela’s oil and gas sector, Adrian Lara, principal research analyst, Latin America Upstream Oil and Gas for Wood Mackenzie said, “Although still conditioned by a subsequent renewal, this new easing of sanctions can certainly be considered a positive move […]

Trinidad Approved to Pay PDVSA

(Welligence, 19.Oct.2023) — Trinidad & Tobago (T&T) has received approval from the US government to pay PDVSA, the Venezuelan NOC, in cash for gas from Venezuela. The decision comes after a series of negotiations between all three countries, and is a vital step towards bringing Train 1 at Atlantic LNG (ALNG) back online, […]

FACTBOX: Top Candidates in Venezuela’s Opposition Primary

(Reuters, 19.Oct.2023) — Voters in Venezuela will on Sunday choose a unity candidate from among 10 hopefuls to represent the country’s opposition in 2024 presidential elections, when President Nicolas Maduro is expected to seek re-election. The primary is the first held by Venezuela’s opposition in over a decade. Favorite Maria Corina Machado is […]

Biden Eases Sanctions on Venezuelan Oil, Republicans Howl

(Politico, 18.Oct.2023) — The Biden administration said Wednesday it will ease sanctions against companies that trade in oil produced in Venezuelan or invest in the South American country’s oil industry in response to its new agreement to allow free elections next year. The move reverses years of U.S. policy aimed […]

Venezuela’s Oil Sanctions Relief May Lift Profits, No Fast Output Rebound

(Reuters, 18.Oct.2023) — A broad easing of U.S. oil sanctions on Venezuela will not quickly expand its output but could boost profits by returning some foreign companies to its oilfields and providing its crude to a wider set of cash-paying customers, experts said. The South American OPEC producer received broad waivers from […]

FAQ: Suspension of Certain US Sanctions on Venezuela [PDF Downloads]

(US Department of State, 18.Oct.2023) — On October 18, 2023, the United States welcomed the announcement of a political agreement between representatives of Maduro and the Unitary Platform, as part of the longstanding policy to support the peaceful restoration of democracy, competitive elections, and respect for the rights and freedoms […]

Venezuela to Divert Barrels from China if US Continues Easing Sanctions

(Reuters, 18.Oct.2023) — Exemptions to sanctions on Venezuelan oil exports that the U.S. is mulling should not result in a large crude production surge in the OPEC country, instead taking barrels away from its current main destination China, experts said. The administration of U.S. President Joe Biden plans to provide some […]

Senior Administration Officials on Venezuela

(US Department of State, 18.Oct.2023) — Senior US Departement of States administration officials held a teleconference to discuss political advancements in Venezuela. MODERATOR: Good evening, everyone, and thank you so much for joining us this evening for this background call on Venezuela. This evening’s call is on background and attributable […]

Venezuelan Oil Output Could Jolt if Reported Sanctions Deal Transpires: Rystad

(Rystad, 17.Oct.2023) — A reported deal between the US and Venezuela to ease sanctions on the South American country’s oil industry could pave the way for a medium-term increase in production of 200,000 barrels per day (bpd). The deal, reported by US media on Monday, would see the US ease […]