(Energy Analytics Institute, 12.Jul.2021) — The US Office of Foreign Assets Control (OFAC) issued general license no. 40 which allows “all transactions and activities related to the exportation or reexportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the government of Venezuela, PetrĂłleos de Venezuela, S.A. (PDVSA), or […]
Category: Venezuela
Venezuela energy
Ecopetrol Reports Uptick In Oil Output
(Ecopetrol, 12.Jul.2021) — Ecopetrol S.A. (BVC: Ecopetrol; NYSE EC) informs about the recovery of its operations in the upstream, midstream, downstream and sales and marketing segments in Colombia, in connection with the adverse impacts the company had observed as a consequence of the restrictions on mobility caused by the public […]
Venezuela Resorts To Upgraded Oil For Refineries
(Reuters, 8.Jul.2021) — Venezuela’s state-run oil company PDVSA has started producing two upgraded crude grades for domestic refining, aiming at reanimating the country’s much-needed output of motor fuels, according to a company document and sources close the decision. Years of under-investment in PDVSA’s 1.3 million-barrel-per-day capacity refining network and U.S. […]
LatAm Briefs: Rio Negro Drilling, Ecuador Production
(Energy Analytics Institute, 5.Jul.2021) — Energy briefs from the Latin America and Caribbean region including: plans to reactivate 77 wells in Argentina’s RĂo Negro region, EP PetroEcuador and Repsol Ecuador S.A. inking a deal for the use of a topping plant in Ecuador, Ecuador’s production reached 491,497 b/d on 1 […]
Brazil’s Lower-Sulphur Fuel Booms In Asia
(Reuters, 1.Jul.2021) — Brazil is growing its marine fuel oil exports to Asia’s lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most […]
Venezuelan Oil Sector Still Confronts Headwinds
(Energy Analytics Institute, 29.Jun.2021) — Venezuela continues to confront headwinds from legal uncertainties to transparency issues to a new tariff on its bitumen exports to China that make it hard for the country to boost production, former PetrĂłleos de Venezuela (PDVSA) Director JosĂ© Toro Hardy said on 29 June 2021 […]
Venezuela’s Oil Sector Needs Private Investors
(Energy Analytics Institute, 29.Jun.2021) — The private sector must be reintegrated to increase production in Venezuela as it’s the only viable way the country could meet the optimistic production goals of 1.5 million barrels per day by year end as previously announced by President Nicolás Maduro. That’s why the participation […]
LatAm Briefs: Chile’s Green Plans, Venezuelan Oil Output
(Energy Analytics Institute, 29.Jun.2021) — Energy briefs from the Latin America and Caribbean region including: Chile and Germany inking a green hydrogen deal, EP PetroEcuador reaching an agreement with the community of El EdĂ©n to lift a 45-day blockage, Venezuela’s oil production averaging around 570,000 barrels per day, and more. […]
PDVSA Restarts Drilling Campaign Suspended Since 2019
(S&P Global, 29.Jun.2021) — In the second half of the year, Venezuela’s state-owned PDVSA will restart the drilling of oil wells while intensifying work to open 3,700 shuttered wells and to recover compression and gas injection capacity needed to increase crude output, according to an internal “Operational Follow-up Plan” report […]
US-EU-Canada Issue Joint Statement On Venezuela
(US State Department, 25.Jun.2021) — The following statement was released by Secretary of State Antony J. Blinken, the EU High Representative for Foreign Affairs and Security Policy Josep Borrell, and Canadian Minister of Foreign Affairs Marc Garneau. Begin text: We remain deeply concerned about the ongoing crisis in Venezuela and […]
Looming Venezuela Talks Whet Investor Appetite
(Argus, 24.Jun.2021) — Venezuela is returning to the geopolitical stage after months out of the limelight. President Nicolas Maduro’s government and his political opponents are preparing to restart negotiations to establish credible conditions for state and local elections on 21 November, cooperation to address the Covid-19 pandemic and broader power-sharing […]
Uncertainties In Venezuela Around Arrival Of More Iranian Gasoline
(Energy Analytics Institute, 22.Jun.2021) — Venezuelan economist JosĂ© Toro Hardy said it was unclear when additional Iranian tankers carrying gasoline would reach the South American country’s coasts. Venezuela could encounter another diesel shortage in coming months; hence, reason Hardy said it was urgent to try to prepare for the shortage […]
Venezuela Oil Czar Says Output To Skyrocket, Sanctions Be Damned
(Bloomberg, 21.Jun.2021) — In Venezuela, waiting in line at a gas station — sometimes for days — has become so routine that it’s hard to imagine life without it. But go see Tareck El Aissami, the oil minister, and you’ll find out something magical is about to happen. In weeks, […]
US Rejects Maduro’s Call For Biden To Lift Venezuela Sanctions
(Bloomberg, 20.Jun.2021) — President Joe Biden’s administration rejected Nicolas Maduro’s call for relief from U.S. sanctions, saying the Venezuelan leader needs to do more toward restoring democracy before penalties would be lifted. Maduro, a target of crippling U.S. sanctions under former President Donald Trump, reached out to Biden in an […]
Biden’s Venezuela Policy In Holding Pattern As Maduro Outlasts Pressures
(S&P Global, 18.Jun.2021) — After Venezuelan President Nicolas Maduro outlasted the Trump administration’s maximum sanctions pressure, US President Joe Biden will have to decide whether to offer Venezuela limited sanctions relief or more, amid calls from the left in Congress for humanitarian relief. An easing of some sanctions would only […]
Venezuela President Maduro Talks Sanctions, Economy: Transcript
(Bloomberg, 18.Jun.2021) — Venezuelan President Nicolas Maduro spoke to Bloomberg TV’s Erik Schatzker in an exclusive interview in Caracas at the Miraflores presidential palace. The comments have been translated from Spanish. Q: Venezuela, a country of extraordinary resources and a rich history, has been a relevant player in global dialogue […]
LatAm Briefs: Suriname Event, Iran-Venezuela Dealings
(Energy Analytics Institute, 11.Jun.2021) — Energy briefs from the Latin America and Caribbean region including: Suriname oil summit tagging entrepreneurship, investor friendliness as key priorities, and Iranian warship that could take in millions of gallons of fuel to Venezuela Suriname Summit Tags Entrepreneurship, Investor Friendliness As Key Priorities Suriname’s political […]
PDVSA’s CardĂłn refinery producing between 40,000-50,000 b/d
CARACAS, VENEZUELA (By Energy Analytics Institute, 10.Jun.2021, Words: 90) — The CardĂłn refinery operated by state-controlled Petroleos de Venezuela (PDVSA) in Punto Fijo, Venezuela is currently processing between 40,000-50,000 barrels per day of gasoline compared to demand of around 80,000 b/d. CardĂłn is the PDVSA’s only operating refinery, the daily […]
Venezuelan Oil, Masked As Malaysian, Rushes Into China Ahead Fuel Tax
(Reuters, 3.Jun.2021) — Traders are racing to deliver record volumes of Venezuelan crude oil masked as Malaysian bitumen blend to China, ahead of new fuel taxes that look set to upend the lucrative flow of sanctioned oil to the world’s top crude importer. China has over the past 12 months […]
LatAm Briefs: EP PetroEcuador Tenders, Ofac License Extension To Chevron
(Energy Analytics Institute, 2.Jun.2021) — Energy briefs from the Latin America and Caribbean region including: EP PetroEcuador generating $768mn thru ten tenders of Oriente and Napo crude oil between January and May 2021 and the US’ OFAC extending a general license to Chevron and others to continue operating in Venezuela. […]
Venezuela Adjusts As Sanctions Spur Western Oil Partners To Retreat
(Reuters, 1.Jun.2021) — Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation’s oil sector, according to interviews with a half dozen industry sources, as U.S. companies win a reprieve to maintain a limited presence […]
Venezuela Oil Exports Fell In May On Outages, Diluent Shortage
(Reuters, 1.Jun.2021) — Venezuela’s oil exports fell to 593,550 barrels per day (bpd) in May as a result of an outage in its main producing region and a lack of diluents to produce exportable grades, documents and tanker tracking data showed. The OPEC member’s oil shipments were stable at around […]
LatAm Briefs: Ofac Venezuela, SEOGS2021 Kicks Off, Net Zero Summit
(Energy Analytics Institute, 1.Jun.2021) — Energy briefs from the Latin America and Caribbean region including: Ofac extending Chevron’s operating license in Venezuela; Microsoft founder, Bill Gates, participating in the Innovating To Net Zero Summit; and the kick off of the Suriname Energy, Oil and Gas Summit (SEOGS2021). Ofac Extends Chevron’s […]
LatAm Briefs: Ecopetrol’s Barrancabermeja Refinery, Venezuela Oil Forecast
(Energy Analytics Institute, 26.May.2021) — Energy briefs from the Latin America and Caribbean region including: loads reported steady at Ecopetrol’s Barrancabermeja Refinery; and Venezuela’s production of crude oil expected to rise slightly in 2021, according to estimates revealed by Ecoanalitica. Ecopetrol’s Reports Steady Loads At Barrancabermeja Refinery The loads at […]
Maduro Receives Harsh Economic Blow From An Unlikely Source: China
(Miami Herald, 25.May.2021) — A recently approved Chinese tax might translate into a severe economic blow to the Nicolás Maduro regime by almost doubling the importing cost of the oil that Venezuela sells in violation of the U.S. sanctions, analysts said. The Chinese government is set to start collecting the […]
New Chinese Tax Narrows Venezuela’s Oil Export Options
(Argus, 17.May.2021) — A Chinese tax overhaul threatens to orphan up to 400,000 b/d of Venezuelan heavy sour crude that has been a lifeline for Caracas since the US imposed oil sanctions in 2019. Although Chinese companies moved away from directly lifting Venezuelan crude around August 2019, independent refiners regularly […]
Maduro Should Be Tried for Ecocide
(Foreign Policy, 14.May.2021) — It isn’t uncommon to hear charges of “genocide” leveled at the government of Venezuelan President Nicolás Maduro due to the humanitarian disaster unfolding in his country in the last few years. But now, a growing chorus has begun to blame Venezuela’s leadership with the crime of “ecocide”—or the […]
Venezuela Needs $58bn To Restore Oil Output To 1998 Levels-Document
(Reuters, 10.May.2021) — Venezuelan state oil company PDVSA would need $58 billion in investment to revive its crude production to the levels of 1998 before ex-President Hugo Chavez came to power, equivalent to 3.4 million barrels per day (bpd), a document seen by Reuters shows. In the February 2021 document […]
LatAm Briefs: Venezuela Oil Output, Ecopetrol Tactical Hedges
(Energy Analytics Institute, 5.May.2021) — Energy briefs from the Latin America and Caribbean region including: Venezuela’s rising crude oil production and tactical hedges in place by Colombia’s Ecopetrol. Venezuela’s Oil Production Continues To Rise Venezuela’s crude oil production continues to rise despite US sanctions that impede it legally trading oil […]
Former PDVSA Executive Ortega Gets Two Year Prison Sentence
(AP, 5.May.2021) — A former Venezuelan oil executive was sentenced to more than two years in prison for taking at least $12 million in bribes from businessmen who allegedly raided the coffers of the state-run oil company. Abraham Ortega is the first former Venezuelan official to be sentenced as part […]
Venezuelan Olive Branches Pressure US To Ease Sanctions
(Argus, 4.May.2021) — Venezuela’s government has incorporated the political opposition into its electoral board, another olive branch that puts pressure on the US administration to ease sanctions. But President Joe Biden’s administration has signaled that it is in no hurry to change course on Venezuela. In a closely monitored session […]
LatAm Briefs: IPD On Sanctions On Venezuela, bp’s Looney On Transformation
(Energy Analytics Institute, 4.May.2021) — Energy briefs from the Latin America and Caribbean region including: IPD Latin America’s Managing Director David Voght on US’ sanctions on Venezuela and bp’s CEO Bernard Looney on the company’s evolution from an IOC to an IEC. IPD’s David Voght On US’ Sanctions On Venezuela […]
Venezuela’s Oil Exports Stabilize
(Reuters, 1.May.2021) — Venezuela’s April oil exports were flat at about 700,000 barrels per day (bpd) for the third month in a row, with three-quarters of its shipments headed to Asia and the Middle East, according to tanker tracking data and documents from state-run Petroleos de Venezuela. PDVSA’s exports have […]
Mexico Port Works On US-Sanctioned Tankers That Transport Venezuela’s Oil
(Reuters, 30.Apr.2021) — Three Cuban-flagged tankers that are under U.S. sanctions for transporting Venezuelan oil to the Communist-run island have been serviced in the port of Veracruz on Mexico’s Gulf coast, according to vessel tracking data and industry sources. The maintenance work on the vessels — one of which was […]
Fitch Revises Citgo’s Outlook To Stable
(Fitch Ratings, 8.Apr.2021) — Fitch Ratings affirmed the Long-Term Issuer Default Rating (IDR) of CITGO Petroleum (Opco) at ‘B’ and CITGO Holding (Holdco) at ‘CCC+’, Opco’s senior secured term loans, notes, and industrial revenue bonds at ‘BB’/’RR1’, and Holdco’s senior secured term loans and bonds at ‘B+’/’RR1’. Fitch withdrew the […]
Venezuelan Oil Flow Recedes
(Argus, 8.Apr.2021) — Venezuelan crude production fell back in early April after state-owned PdV diverted limited diluent and light crude from Orinoco heavy oil operations to its recovering refining sector. Output from the Orinoco heavy oil belt declined from around 360,000 b/d in late March to less than 200,000 b/d […]
Nabarima FSO Completes Oil Offloading
(Reuters, 8.Apr.2021) — A floating facility off the Venezuelan coast has finished offloading crude stored in it for the past two years due to U.S. sanctions, paving the way for output to resume in an oilfield, an official of the facility’s operator said on Thursday. Operations to remove crude from […]
LatAm Briefs: Venezuela’s 7+7 Quarantine, Elections In Peru
(Energy Analytics Institute, 5.Apr.2021) — Energy briefs from the Latin America and Caribbean region including: Venezuela’s President Nicolas Maduro announces the start of another 7+7 quarantine rotation and Peru eyes presidential elections on 11 April 2021. Venezuela Starts Another 7+7 Quarantine Rotation Oil producer Venezuela will start another so-called radical […]
LatAm Briefs: Russia, Venezuela Boost Ties; YPF Meeting
(Energy Analytics Institute, 30.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: Russia and Venezuela strengthening their cooperation and Argentina’s state oil producer YPF eyeing shareholders’ meeting on 30 April 2021. Russia And Venezuela Strengthen Cooperation A Russian-Venezuelan high-level intergovernmental commission (CIAN by its Spanish acronym) signed […]
Maduro’s Eyes Buying Vaccines With Oil
(Reuters, 28.Mar.2021) — Venezuelan President Nicolas Maduro on Sunday proposed paying for vaccines against the novel coronavirus with oil, though he provided few details about how such a scheme would work. The crisis-stricken OPEC nation’s crude exports have plummeted to their lowest levels in decades since Washington sanctioned state oil […]
Venezuela: “A Vision In Three Times”
(Energy Analytics Institute, 25.Mar.2021) — The webinar “Venezuela: a Vision in Three Times” on 25 March 2021 saw three speakers discuss the OPEC country’s oil sector. What follows are highlights from their discussion. Horacio Medina, the President of PDVSA’s Ad Hoc Board — “Venezuela’s state oil company PetrĂłleos de Venezuela […]
PDVSA’s Bonaire Terminal Declares Bankruptcy
(Reuters, 22.Mar.2021) — A unit of Venezuelan state oil company PDVSA on the Dutch Caribbean island of Bonaire has declared bankruptcy, citing the impact of U.S. sanctions on Venezuela, a court filing showed. In a March 9 filing published last week by the Court of First Instance of Bonaire, Sint […]
LatAm Briefs: PDVSA Pipeline Attack, EP PetroEcuador Replanting
(Energy Analytics Institute, 21.Mar.2021) — Energy briefs from the Latin America and Caribbean region including: Venezuela state oil giant denouncing an attack on a pipeline in Monagas state and EP PetroEcuador replanting 45 hectares in two Ecuadorian provinces. PDVSA Denounces Attack On Monagas Pipeline Venezuela’s state-owned oil producer PetrĂłleos de […]
Are Foreign Oil Firms About To Return To Venezuela?
(Bloomberg, 19.Mar.2021) — Inside a chic lounge, oil lobbyists and executives rub shoulders as Spanish, French and Italian can be heard in the halls. This isn’t the ZaZa boutique hotel in Houston, where global energy top brass like to stay. It’s the Cayena Hotel in the Venezuelan capital of Caracas. Drawn by […]
Petrobras On BODs Nominees
(Petrobras, 18.Mar.2021) — Petrobras, pursuant to CIRCULAR LETTER/CVM/SEP/No.01/2021, reports that it has received the nomination of candidate Pedro Rodrigues GalvĂŁo de Medeiros for the Board of Directors, in case multiple voting process is adopted. Board of Directors election will take place at the Extraordinary General Meeting of 12 April 2021. […]
Ministers Informed Of Deal ‘Citgo Six’ Were Jailed For
(Reuters, 17.Mar.2021) — Six executives of U.S. refiner Citgo have been jailed in Caracas on graft charges since 2017, but court documents seen by Reuters show that top Venezuelan officials were made aware of the deal that the country’s top prosecutor accused the six executives of signing in secret. The […]
LatAm Briefs: Ambar Eyes Bolivian Gas, PDVSA Shuts CardĂłn Refinery
(Energy Analytics Institute, 16.Mar.2021) — Energy briefs from the Latin America and Caribbean regions Bolivia and Venezuela including Ambar executives seeking a deal for piped gas from Bolivia’s YPFB, PDVSA shutting its CardĂłn Refinery in FalcĂłn state, and Venezuela reportedly shipping around 50% of its diesel production to Cuba. Ambar […]
LatAmNRG Briefs: YPF Fuels, Colombian Fracking
(Energy Analytics Institute, 15.Mar.2021) — Energy briefs from the Latin America and Caribbean regions Argentina, Colombia and Venezuela including: Tenaris snatches up Baker Hughes Argentina, YPF raises fuel prices again, Colombia’s ANH awaits offers for more pilot fracking projects and Venezuela suffers a severe diesel shortage. Tenaris Acquires Baker Hughes […]
PdV Refinery Suspends Petrol Production
(Argus, 12.Mar.2021) — Venezuelan state-owned PdV suspended gasoline production at its 305,000 b/d Cardon refinery this week as a result of more equipment breakdowns. Cardon was producing about 45,000 b/d of gasoline before a compressor failure shut down the plant’s 54,000 b/d naphtha reformer. The failure of steam supply units […]
Venezuela’s Stations Offer Fuel, Liquor
(Bloomberg, 11.Mar.2021) — Welcome to Venezuela’s new gasoline stations: They boast digital fuel pumps and high-end, imported liquor. They’re plastered in fresh coats of bright yellow and red paint. And in what’s become a rarity these days, they actually have gasoline to sell — for a price that very few can […]