Venezuela Archives - Page 18 of 47 - Editores LatinPetroleum

KPMG’s Investment in Venezuela Guide 2022 [PDF Download]

(KPMG, 17.Apr.2023) — The guide is intended as guidance for prospective foreign investors in Venezuela by covering a broad range of matters relating to company law, corporate taxation, employment, foreign investment and foreign exchange, economic regulations and supervised sectors. KPMG hopes information in the guide will be enlightening, however, prior […]

ICJ Delivers Judgement in Guyana v. Venezuela Case

(ICJ, 6.Apr.2023) — On 6 April 2023, the International Court of Justice, the principal judicial organ of the United Nations, will deliver its Judgment on the preliminary objection raised by the Bolivarian Republic of Venezuela in the case concerning the Arbitral Award of 3 October 1899 (Guyana v. Venezuela). A […]

Border Spat: CIJ Rejects Venezuela’s Objection to Guyana [PDF Download]

(Energy Analytics Institute, 6.Apr.2023) — The court finds that the preliminary objection raised by the Bolivarian Republic of Venezuela is admissible. By fourteen votes to one, the court rejects the preliminary objection raised by the Bolivarian Republic of Venezuela. ____________________ By Ian Silverman. © Energy Analytics Institute (EAI). All Rights […]

Venezuela Opposition Envoy Urges Biden to Ease Oil Sanctions

(AP, 3.Apr.2023) — The new representative of Venezuela’s opposition in the U.S. is urging the Biden administration to relax crippling oil sanctions on Nicolas Maduro’s government or risk seeing the socialist-run country turn into another Cuba with Washington scapegoated for increasing authoritarianism and economic hardships. Fernando Blasi’s comments to The […]

Global Gas Flaring Tracker Report [PDF Download]

(The World Bank, 31.Mar.2023) — After a decade of little progress, global gas flaring volumes fell by around 3% in 2022. However, despite this welcome reduction, greater and sustained efforts are needed to end this wasteful and polluting practice. The growing sense of urgency in tackling global gas flaring is […]

Ecopetrol Not Advancing Plans to Buy Monómeros Colombo Venezolanos S.A.

(Ecopetrol, 24.Mar.2023) — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that, with regards to statements in the public media about a possible acquisition by Ecopetrol of the company Monómeros Colombo Venezolanos S.A., Ecopetrol warns the public that, within the framework of its 2040 strategy and business plan announced to the market, it […]

Citgo Offers to Purchase $407mn in Senior Notes

(Citgo, 13.Mar.2023) — Citgo Holding, Inc., a Delaware corporation, today announced its offer to purchase (the “Offer”) for cash an aggregate principal amount of up to $406.645mn (the “Excess Cash Flow Offer Amount”) of its 9.25% Senior Secured Notes due 2024 (the “Notes”) at a purchase price equal to 100% of the principal amount […]

Citgo Reports 4Q:22 and YE:22 Results

(Citgo, 9.Mar.2023) Citgo Petroleum Corporation today reported its 2022 fourth quarter and year-end financial results. Highlights: Fourth quarter net income of $806mn and EBITDA[1] of $1.2bn Fourth quarter total refinery crude throughput of 797,000 barrels-per-day (bpd), 4% above nameplate capacity of 769,000 bpd Repayment in full of the $1.1bn outstanding under Citgo Petroleum’s […]

The Dragon Dance

(Trinidad and Tobago Newsday, 25.Feb.2023) — Energy Minister Stuart Young has again expressed confidence that Trinidad and Tobago (TT) would successfully conclude and execute a deal to receive gas from Venezuela’s Dragon Field, but the challenges before first gas are not to be underestimated. Young gave an update with little […]

Trinidad to Begin Negotiations for Gas Deal with Venezuela in March

(Reuters, 24.Feb.2023) — Trinidad and Tobago expects to formally begin negotiations next month with Venezuela on a promising offshore natural gas project, the Caribbean nation’s energy minister said on Feb. 23. A deal would help revive the nation’s gas production, which contributes a large part of its export revenue and […]

EAI’s NRGBriefs: Feb. 2023

(Energy Analytics Institute, 23.Feb.2023) — Energy briefs as well as others related to finance and politics during February 2023 including Repsol commenting on improvement of prospects for operations in Venezuela; earnings updates and webcasts from Pemex, Noble Corporation, bp, Repsol and TotalEnergies; Venezuela reactivates first drilling rig, the PDVEN-778, in […]

Iran to Start Revamp at Venezuela’s Largest Refining Complex

(Reuters, 6.Feb.2023) — State firms from Iran and Venezuela will start in the coming weeks a 100-day revamp of the South American nation’s largest refining complex to restore its crude distillation capacity, four sources close to the plan said. The effort by state oil firm Petroleos de Venezuela (PDVSA) and […]

Caribbean Seeks Venezuela’s Oil and Gas as U.S. Relaxes Sanctions

(WSJ, 3.Feb.2023) — Caribbean countries battered by high energy costs are turning to Venezuela for oil and gas as the U.S. eases sanctions that have kept its supplies off limits for years. Trinidad and Tobago received a U.S. Treasury Department license in January to develop a Venezuelan gas field. A prospective refinery operator […]

Venezuela Tightens Oil Prepayment Rules, Documents Show

(Reuters, 30.Jan.2023) — Venezuela’s state oil firm PDVSA is toughening terms for buyers after a month-long halt to most exports of crude and fuel, demanding prepayment ahead of loadings in either cash, goods or services, company documents showed. PDVSA’s new Chief Executive Pedro Tellechea put the move in place this […]

Chevron 4Q:22 Earnings Call Transcript, Buybacks and Rising Venezuela Production

(Motley Fool Transcribing, 27.Jan.2023) — Chevron Corporation’s earnings call for the period ending 31 December 2022 with Chairman and Chief Executive Officer Mike Wirth and his comments on topics ranging from share buybacks to production increases in Venezuela. Contents: –Prepared Remarks –Questions and Answers –Call Participants Prepared Remarks: Operator Good […]

Paul Questions Dragon’s Gas Revenues for T&T

(Trinidad Express, 25.Jan.2023) — Energy expert Anthony Paul is not convinced that T&T has its ducks lined up to deliver the various sub-projects required to bring that gas to shore in T&T. Paul was responding to questions from the Express following Tuesday’s announcement that the US government had carved out […]

Trinidad/Venezuela Dragon Gas Development Update

(Welligence Energy Analytics, 25.Jan.2023) — The U.S. Department of the Treasury has granted a license to the government of T&T to receive gas from the multi-Tcf offshore Dragon gas field in Venezuela. This decision comes just two months after Chevron received the green light to resume operations in Venezuela and leaves the possibility of […]

Rowley Says OFAC Approves Trinidad’s Development of the Dragon Field

(Office of the Prime Minister of Trinidad and Tobago, 24.Jan.2023) — As you all are aware, the United States is our major trading partner and approximately 200,000 of our citizens live in the USA. Against this solid background of friendship and cooperation the Government of Trinidad and Tobago has constantly […]

US Grants License to Trinidad to Develop Dragon Gas Field

(Reuters, 24.Jan.2023) — The U.S. Treasury Department has granted a license to Trinidad and Tobago to develop a major gas field located in Venezuelan territorial waters, a senior Biden administration official said on Tuesday, marking a further easing of some sanctions on Venezuela. RELATED STORY: PDVSA Initiates Production At Dragon […]

Exiled Venezuela Lawmakers Chosen to Lead Anti-Maduro Fight

(AP, 5.Jan.2023) — Venezuela’s opposition has selected an all-female team of mostly unknown exiled former lawmakers to replace the beleaguered Juan Guaidó as the face of its faltering efforts to remove socialist President Nicolas Maduro. Last week, politicians who were elected to the National Assembly in 2015 voted to oust Guaidó […]

Energy Analytics Institute’s NRGBriefs: December 2022

(Energy Analytics Institute, 31.Dec.2022) — Energy briefs as well as others related to finance and politics during December 2022 including Washington’s easing of sanctions on Venezuela resulting in increased US imports of that heavy/sour crude; twin-island country Trinidad and Tobago eying its annual energy conference in Port of Spain; Savannah […]

Chevron Sending Two Oil Tankers to Venezuela Under US Approval

(Reuters, 30.Dec.2022) — U.S. oil company Chevron Corp (CVX.N) is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years, according to a person familiar with the matter and shipping data. On Friday, a Chevron-chartered vessel approached […]

Diesel Prices in 2023? Don’t Expect Much Relief

(Investor’s Business Day, 29.Dec.2022) — U.S. diesel prices hit all time highs in 2022 as demand surged and supplies of the critical heating and transportation fuel tightened. However, analysts expect diesel prices to come down in 2023, even as supplies will remain tight. So Ed, why don’t we start with […]

Exchange Offers for Venezuelan Government and PDVSA Bonds

(Canaima Fund Lux, 28.Dec.2022) — Canaima Fund Lux (“Issuer“), a securitization fund governed by the Luxembourg Law of 22 March 2004 on securitization undertakings, registered under number O27, and more precisely for and on behalf of the compartment named Canaima I (“Compartment“), with identification number ISIN XS2540585481 represented and managed by Canaima Capital Lux S.àr.l.arl, a […]

LatAm Politics Today from Argentina to Peru

(Reuters, 23.Dec.2022) — The latest in Latin American politics today: ex-ministers in Peru recount Castillo’s dramatic final day, U.S. court rejects Maduro ally’s bid to dismiss charges, CEO of Brazil’s Petrobras to resign before end of April, and Panama aims to reach ‘fair’ deal with miner First Quantum. Argentine president […]

Rubio, Risch Introduce Legislation to Strengthen US-Venezuela Policy

(Marco Rubio, 20.Dec.2022) — In response to the Biden Administration’s policy of concessions to the criminal Maduro narco-regime, U.S. Senators Marco Rubio (R-FL) and Jim Risch (R-ID) introduced the Venezuelan Democracy Act. The bill would require the President to certify that Venezuela has made tangible steps toward re-establishing democracy and the […]

Shunned Over War, Russians Holiday on Venezuelan Resort Island

(Agence France-Presse, 6.Dec.2022) — Venezuela: Shuttled between tourist spots, posing for pictures on beautiful beaches, and dancing awkwardly to merengue: Russian tourists have found a friendly holiday destination on a Venezuelan island far from the motherland and its war with Ukraine. Isla de Margarita is a tropical gem with white-sand […]

Could A Controversial Chevron Deal Be A Prelude To Venezuela’s Oil Renaissance?

(Forbes, 2.Dec.2022) — A video that state-owned oil giant Petróleos de Venezuela posted to its Twitter feed this week shows a jovial meeting between Oil Minister Tarek El Aissami and Javier La Rosa, Chevron’s CVX country head. The clip shows La Rosa arriving at what looks to be Aissami’s offices, the two laughing, […]

Chevron unlikely to invest more in Venezuela in short term

(Reuters, 1.Dec.2022, Words: 380) — Chevron Corp is unlikely to add investment in Venezuela in the next six months despite a recent U.S. license to allow it to expand its operations in the South American country, Chief Executive Michael Wirth said on Thursday. U.S. President Joe Biden’s administration last week […]

Welligence: Venezuela Sanctions Update

(Welligence, 1.Dec.2022) — Chevron Corporation has recently secured a license to renew limited operations within the country and source critical inputs necessary for processing crude, Welligence announced 1 December 2022 over LinkedIn. The terms offer restricted benefits to PDVSA Servicios Petroleros, SA as Chevron is restricted from providing payments to […]

Maduro Says Granting US Licenses to Chevron ‘Not Enough’

(Anadolu Agency, 1.Dec.2022) — Venezuelan President Nicolas Maduro said Wednesday that licenses and authorizations granted so far by the US to ease sanctions it imposed on Venezuela are “headed in the right direction” but are “not enough.” The easing of the oil embargo by the US government “undoubtedly goes in […]

Eased US Sanctions on Venezuelan Oil Provide Weak Supply Boost

(FT.com, 30.Nov.2022) — The ports of the US Gulf of Mexico coast will soon resume shipments that have been absent for more than three years: tankers full of Venezuela’s heavy crude oil. The first tanker carrying about 1mn barrels could set sail as soon as this month after the US […]

Energy Analytics Institute’s NRGBriefs: November 2022

(Energy Analytics Institute, 30.Nov.2022) — Energy briefs as well as others related to finance and politics during November 2022 including Brazilian oil giant Petrobras launching its strategic plan for 2023-27; US Secretary of State Antony Blinken welcoming resumption of Venezuelan-led negotiations in Mexico City between the ruling party and opposition […]

Maduro Calls for ‘Complete Lifting’ of Oil Sanctions

(AFP, 30.Nov.2022) — Venezuelan President Nicolas Maduro said the easing of an oil embargo on his country by the United States was not enough, and called Wednesday for the total lifting of sanctions. The United States over the weekend granted energy giant Chevron a license to resume some oil operations […]

US State Department: Joint Statement on Venezuela Negotiations

(US Department of State, 26.Nov.2022) — The following statement was released by Secretary of State Antony J. Blinken, the EU High Representative for Foreign Affairs and Security Policy Josep Borrell Fontelles, the Canadian Minister of Foreign Affairs the Honourable Mélanie Joly, and the United Kingdom Secretary of State for Foreign, […]

US Eases Venezuela Oil Sanctions After Gov’t, Opposition Ink Deal

(Al Jazeera, 26.Nov.2022) — The Biden administration on Saturday eased some oil sanctions on Venezuela after the government of Nicolas Maduro and the opposition signed a broad ‘social accord’ to create a UN-administered fund to provide humanitarian aid to the Venezuelan people. The agreement signed on Saturday in Mexico City […]

Chevron Can Resume Key Role in Venezuela’s Oil Output

(Reuters, 26.Nov.2022) — Chevron Corp on Saturday received a U.S. license allowing the second-largest U.S. oil company to expand its production in Venezuela and bring the South American country’s crude oil to the United States. The decision grants broader rights for the last big U.S. oil company still operating in […]

US Prepared to Authorize Chevron to Boost Venezuela’s Oil Output

(Reuters, 23.Nov.2022) — Chevron Corp could soon win U.S. approval to expand operations in Venezuela and resume trading its oil once the Venezuelan government and its opposition resume political talks, four people familiar with the matter said on Wednesday. A U.S. authorization for Chevron to help rebuild the country’s sagging […]

Simon Bolivar Foundation Support Health Programs for Venezuelan, Other Migrants

(Simón Bolívar Foundation Inc., 17.Nov.2022) — Simón Bolívar Foundation Inc., the 501(c)(3) nonprofit private foundation of Citgo Petroleum Corporation, is awarding up to $1.68mn in grant funding to seven qualified charitable organizations as part of its Colombia-Ecuador-Peru Humanitarian Health Grants program. The call for grant applications for this charitable program, recognizing the vulnerable […]

Citgo Announces 3Q:22 Financial Results

(Citgo, 10.Nov.2022) — Citgo Petroleum Corporation reported 2022 third quarter net income of $477mn and EBITDA of $804mn, compared to net income of $1.29bn and EBITDA of $1.86bn in the second quarter of 2022. Highlights: Reported third quarter net income of $477mn and EBITDA 1 of $804mn Continued strong health, safety and environmental performance Successful and safe turnaround execution and start-up at the […]

Citgo Holdings Offers to Acquire up to $237.4mn of its Senior Notes Due 2024

(Citgo, 10.Nov.2022) — Citgo Holding, Inc., a Delaware corporation, announced its offer to purchasefor cash an aggregate principal amount of up to $237.391mn (the “Excess Cash Flow Offer Amount”) of its 9.25% Senior Secured Notes due 2024 at a purchase price equal to 100% of the principal amount of the Notes to be […]

Trinidad asks US to Allow Venezuelan Gas Imports for LNG Plant

(Reuters, 4.Nov.2022) — The government of Trinidad and Tobago is asking the United States to authorize Venezuelan gas imports to restart an idled liquefaction train in the Caribbean nation, four sources close to the talks said. Under U.S. sanctions, companies and governments must obtain authorization from the U.S. Department of […]

MEEI Head Young Meets with Venezuelan Vice Minister

(MEEI, 24.Oct.2022) — The Honourable Stuart R. Young, M.P., Minister of Energy and Energy Industries and Minister in the Office of the Prime Minister met today, Monday 24 October 2022 with Mr. Leonardo Graterol, Vice Minister Gas, Bolivarian Republic of Venezuela on the sidelines of the GECF 24th Ministerial Meeting […]

U.N. Could Administer Over $3bn in Funds to Aid Venezuela

(Reuters, 25.Oct.2022) — Top officials from the U.S. State and Treasury departments are discussing proposals for a fund that could release over $3 billion to provide humanitarian aid to Venezuelans through the United Nations, according to nine people close to the talks. The proposals offer a potential way to revive […]

Washington Eyes Oil Deal with Maduro Regime: Rystad Energy

(Rystad, 24.Oct.2022) — As the supply side of the oil business continues to tighten globally, calls within the US to ease sanctions on what was once one of Latin America’s largest oil producers continue to gain traction. The Biden administration has been putting out smoke signals to the wider market […]

Iran Starts Refining its Oil in Venezuela: Minister

(Xinhua, 17.Oct.2022) — Iranian Petroleum Minister Javad Owji said on Sunday that Iran has started refining its crude oil in Venezuela, SHANA news agency affiliated to his ministry reported. Iran had started processing some 100,000 barrels per day of its crude in Venezuela’s El Palito refinery, Owji was quoted by […]

OPEC Cuts Oil Demand Forecast to Below the 100 MMb/d Mark [PDF Download]

(Energy Analytics Institute, 12.Oct.2022) — The Organization of Petroleum Exporting Countries (OPEC) now forecasts oil demand to dip below 100 million barrels per day (MMb/d) in 2022 owing a lower global economic forecast amid ongoing uncertainties and rising challenges impacting major economies. OPEC forecasts oil demand to reach 99.7 MMb/d […]

Energy Analytics Institute’s NRGBriefs: September 2022

(Energy Analytics Institute, 30.Sep.2022) — Energy briefs as well as others related to finance and politics during September 2022 including EXMAR closing the sale of the floating liquefaction barge Tango FLNG to Eni; the Venezuelan government officially regaining control of the petrochemical company Monómeros, a subsidiary of the state-owned PDVSA; […]

Lightning Strike and Fire Didn’t Impact RPLC: El Aissami

(Energy Analytics Institute, 19.Sep.2022) — A lightning strike at the oxidation and water treatment lagoon of PDVSA’s Puerto La Cruz Refinery on 19 September 2022 didn’t impact the operations of the refinery, Venezuela’s Oil Minister Tareck El Aissami said during a telephone interview broadcast by the news channel Venezolana de […]

Chevron Applies for Venezuela License Renewal

(Reuters, 1.Sep.2022) — Chevron Corp has asked the U.S. government to expand its license to operate in Venezuela after the oil major agreed with state-run PDVSA to revamp joint ventures in the sanctioned country, six people close to the matter said. Chevron’s authorization request is the California-based company’s latest attempt to have […]