(Energy Analytics Institute, 25.Nov.2020) — Heard on the street from Venezuela related to a supposed oil spill in Morrocoy National Park as well as word of commercial developments in Los Roques. Another Oil Spill In Falcon State Another oil spill is suspected off the coast of Morrocoy National Park in […]
Category: Venezuela
Venezuela energy
Heard Venezuela: Oil Sales To Chevron
(Energy Analytics Institute, 24.Nov.2020) — Heard on the street in Venezuela related to the sale of Venezuelan oil to US based company Chevron Corporation. OFAC License To Sale Oil To Chevron Discussions are said ongoing between US and Venezuelan officials regarding a plan that would entail a special OFAC license […]
Venezuelan Union Leader Girot Detained
(Reuters, 19.Nov.2020) — Venezuelan authorities arrested oil workers’ union leader Eudis Girot, other union officials said on Thursday, as the government’s crackdown on dissent at troubled state oil company Petroleos de Venezuela continued. Girot, the executive director of the FUTPV union and an outspoken critic of PDVSA’s management, wrote in […]
Chevron Eyes Biden To Preserve Venezuela Foothold
(Bloomberg, 18.Nov.2020) — Chevron’s willingness to keep a foothold in oil-rich Venezuela will now be a thorny political issue for President-elect Joe Biden to sort out. The U.S. Treasury Department extended until June 3 its authorization for Chevron to carry out essential transactions in the country to preserve its assets, […]
Venezuela Supports Three Month Opec Extension
(Energy Analytics Institute, 17.Nov.2020) — Opec producer Venezuela continues to support a three month extension of production levels of 7.7 million barrels per day. “Venezuela ratifies its commitment to continue adopting the necessary decisions to guarantee the stability of the energy market,” Venezuela’s state owned Petroleos de Venezuela (PDVSA) announced […]
Slew Of Tankers Head Toward Venezuela
(Reuters, 11.Nov.2020) — At least 18 oil tankers are expected to load oil for export from Venezuela in the coming weeks, according to tracking data and internal documents from state-run PDVSA, in a sign the sanctioned OPEC nation’s crude exports may rebound this month. Venezuela’s oil exports fell to their […]
Venezuela Oil Exports Between 1999-2019
(Energy Analytics Institute, 10.Nov.2020) — Venezuela, home to the largest crude oil reserves and sizeable natural gas reserves, reported total oil exports of $984.9bn between 1999 and the first quarter of 2019, according to data from Venezuelan lawmaker Elias Matta. Table: Venezuela’s Oil Exports Year $bn 1999 $16.7 2000 $27.9 […]
60 Vehicles Dispatched To Paraguana Refining Complex
(Energy Analytics Institute, 9.Nov.2020) — Venezuela’s state oil company Petróleos de Venezuela (PDVSA) dispatched 60 vehicles to the Paraguaná Refining Center (CRP by its Spanish acronym), located in the state of Falcón. The fleet is intended to strengthen CRP’s operations at both the 645,000 barrel per day capacity Amuay and […]
Venezuela Briefs: Black Mkt Gasoline; Diesel Demand
Energy briefs from Venezuela on prices for black market gasoline reaching $11.36/gal and refineries owned by PDVSA only producing enough diesel to cover 25% of domestic demand.
Does Venezuela Need A New Hydrocarbon Law? Webinar
(Energy Analytics Institute, 3.Nov.2020) — Does Venezuela need a new organic hydrocarbons law? That’s the question to be addressed on 5 November 2020 by four Venezuelan oil sector officials in a Zoom webinar. The panel will include Luis Pacheco, Francisco Monaldi, Luis Stefanelli and Elias Matta. __________ By Piero Stewart. […]
Case Against Venezuela’s Oil Minister Hits Another Snag
(AP, 3.Nov.2020) — The prosecution of Venezuela’s Oil Minister Tareck El Aissami for violating U.S. sanctions has run into another snag after a federal judge allowed one of his co-defendants to withdraw a guilty plea over allegations that U.S. attorneys withheld evidence in the case. Federal prosecutors in Manhattan on […]
Venezuela Oil Exports Fall to New Lows
(Reuters, 2.Nov.2020) — Venezuela’s oil exports fell to a historic low of 359,000 barrels per day (bpd) in October as most of state-run PDVSA’s long-term clients paused trade to meet a U.S. deadline to halt business with the firm, according to data seen by Reuters on Monday. The United States […]
Maduro Condemns Amuay Attack, Blames Duque
(Energy Analytics Institute, 29.Oct.2020) — Venezuela’s leader Nicolás Maduro Moros says the Amuay refinery in Punto Fijo in Falcón state was attacked by terrorist groups with backing from Colombia. “What has happened is something very serious, it’s an act by terrorist groups that Iván Duque is preparing from Colombia to […]
Maduro Says Amuay Hit By ‘Terrorist Tttack’
(Reuters, 28.Oct.2020) — Venezuelan President Nicolas Maduro on Wednesday said the country’s Amuay oil refinery was victim of a terrorist attack on Tuesday that involved a “powerful weapon”, but said the country had gasoline reserves equivalent to 20 days of consumption. An explosion hit a distillation unit at the 645,000 […]
Venezuela Eyes Oil Output Of 1.829 MMb/d in 2021
(Energy Analytics Institute, 24.Oct.2020) — Venezuela’s oil minister Tareck El Aissami and Petróleos de Venezuela (PDVSA) head Asdrúbal Chávez revealed plans to achieve a production goal of 1,829,000 barrels per day in 2021, according to data published by the daily Venezuelan newspaper Panorama. The officials also revealed an average budget […]
Sign of Venezuela’s Oil Collapse Is Storage Surge
(Bloomberg, 23.Oct.2020) — Venezuelan crude inventories have surged 84% over the last three weeks as the threat of U.S. sanctions ward away buyers of the nation’s most important commodity. That raises the risk that state-run PDVSA will have to start shutting in production again, and is the latest sign that […]
Venezuela Briefs: LPG Shortage, Eni On Nabarima
(Energy Analytics Institute, 23.Oct.2020) — Energy briefs from Venezuela regarding ongoing shortages of liquefied petroleum gas (LPG) and Italy’s Eni submitting a proposal regarding the offloading of FSO Nabarima. Heard On The Street: Citizens Using Firewood An ongoing shortage of liquefied petroleum gas (LPG), which is widely used across Venezuela […]
Trinidad Briefs: Nabarima Stable, Budget Prices
(Energy Analytics Institute, 23.Oct.2020) — Energy briefs from Trinidad and Tobago related to an update on the status of the FSO Nabarima offshore Venezuela in the Gulf of Paria and commodity prices used in the 2021 budget. FSO Nabarima Stable, Not An Environmental Threat The FSO Nabarima located offshore Venezuela […]
PDVSA’s Cardon Refinery Halts Operations
(Energy Analytics Institute, 20.Oct.2020) — Petróleos de Venezuela’s Cardon refinery in Punto Fijo has once again halted operations. The stoppage impacts the recently restarted production of gasoline. “Refinery conditions are very worrying and the risk of accidents is very high,” oil union official Ivan Freites said 20 October 2020 in […]
Nabarima: Potential Oil Spill Larger Than Exxon-Valdez
(350.org, 20.Oct.2020) — While a record deluge of intensifying hurricanes hit the Caribbean and Gulf, many of the same communities are at risk of a slow-motion multi-million-gallon oil spill in the region, even larger than the infamous 1989 Exxon-Valdez spill which involved 10.8 million gallons. Amira Odeh, 350.org Caribbean and […]
Venezuela Needs To Rethink Oil: Luis Xavier Grisanti Says
(Energy Analytics Institute, 19.Oct.2020) — Faced with globalization and the scientific and technological revolution of the last quarter of a century, countries highly dependent on oil as the main source of income, such as Venezuela, must not only rethink rationally and effectively how to use the gigantic income derived from […]
US Embassy In Trinidad Concerned About Nabarima
(Energy Analytics Institute, 16.Oct.2020) — The US Embassy in Trinidad and Tobago expressed continued concerns about the potential risk to safety and environment posed by the Venezuelan-flagged vessel, Nabarima. The vessel is carrying around 1.2-1.3 million barrels and is located in Venezuela’s Gulf of Paria. “We strongly support immediate actions […]
Venezuela Economy To Shrink 25% In 2020: IMF
(Energy Analytics Institute, 13.Oct.2020) — Venezuela, home to the world’s largest oil reserves and sizable natural gas and mineral deposits, is expected to be the worst performing economy in the Latin America and Caribbean (LAC) region with its gross domestic product (GDP) projected to contract 25% in 2020, according to […]
US-Venezuela Dispute Delays Oil Storage Transfer
(Argus, 13.Oct.2020) — Italian Eni’s plan to drain a Venezuelan floating oil storage vessel considered a potential environmental risk has been delayed for weeks because of concerns over US sanctions on the Opec country. The Venezuela-flagged Nabarima floating storage and offloading unit (FSO) had been listing in August, with flooding […]
Iranian Fuel Supplies Good For Two Months
(Energy Analytics Institute, 12.Oct.2020) — The recent arrival of three Iranian tankers to Venezuela carrying around 750,000 bbls of gasoline is only sufficient to last the South American country about two months. Venezuela should at a minimum produce sufficient fuel to cover domestic demand, Eudis Girot, Executive Director with the […]
Former PDVSA Head Criticizes Anti-Blockade Law
(Energy Analytics Institute, 11.Oct.2020) — The former president of Petróleos de Venezuela (PDVSA), Rafael Ramírez, criticized Venezuela’s Anti-Blockade Law, which was approved by the country’s National Constituent Assembly. “For more than five years I’ve been denouncing the direction this government is going in terms the delivery of our oil, reversal […]
Partial Reactivation of PDVSA’s Amuay Refinery
(Energy Analytics Institute, 11.Oct.2020) — Venezuela’s Amuay refinery is processing around 160,000 barrels per day (b/d) after reactivation of two plants, according to an oil union official with the Unitary Federation of Petroleum Workers of Venezuela (FUTPV by its Spanish acronym). The volumes correspond to Plant 1 with 65,000 b/d […]
Tipco To Temporarily Shut Kemaman Refinery
(Energy Analytics Institute, 11.Sep.2020) — At the request of the US State Department, Tipco Asphalt plans to temporarily shut down its refinery located in Kemaman, Malaysia. The refinery relies on Venezuelan heavy crude oil for 90% of its feedstock. To avoid US sanctions, the refinery “will have to shut down […]
Fuel Shortages Persist Across Venezuela
(Energy Analytics Institute, 10.Oct.2020) — Venezuela continues to suffer from severe shortages of fuel from gasoline to diesel and across the entire country despite the recent arrival of three Iranian tankers with manly gasoline supplies. Fuel shortages continue across the OPEC-member country since the second shipment this year of Iranian […]
Iranian Tanker Departs For Persian Gulf From Venezuela
(Reuters, 9.Oct.2020) — An Iranian-flagged oil tanker left Venezuela on Friday for Iran’s Kharg Island, Refinitiv Eikon data showed, after the vessel loaded 1.9 million barrels of heavy crude at the South American country’s Jose oil terminal. The shipment marks the latest example of cooperation between the two OPEC nations […]
PetroPiar and Sinovensa restart blending activities
CARACAS, VENEZUELA (Piero Stewart, Energy Analytics Institute, 8.Oct.2020, Words: 81) — Venezuela’s state oil company Petroleos de Venezuela (PDVSA) has reportedly restarted the PetroPiar and Sinovensa blending units, according to reports from local Venezuelan media El Nacional. The first joint venture, PetroPiar, which partners PDVSA and Chevron Corp., is reportedly […]
Venezuela, Once An Oil Giant, Reaches The End Of An Era
(NYT, 7.Oct.2020) — Wells that once tapped the world’s largest crude reserves are abandoned or left to flare toxic gases that cast an orange glow over depressed oil towns. Refineries that once processed oil for export are rusting hulks, leaking crude that blackens shorelines and coats the water in an […]
Proposed Changes To Venezuela’s Organic Oil Law
(Energy Analytics Institute, 7.Oct.2020) — Venezuela’s National Assembly has submitted proposed changes to the country’s Organic Hydrocarbons Law, which it views as fundamental legislation and extremely important in any recovery of the hydrocarbon industry and economy, according to documents seen by Energy Analytics Institute. Proposed changes to the law are […]
PdV Pins Gasoline Hopes On CRP Complex
(Argus, 6.Oct.2020) — Venezuelan state-owned PdV is focusing on repairs to its 940,000 b/d CRP refining complex to address a severe gasoline shortage that has been temporarily alleviated by Iranian imports. The 305,000 b/d Cardon refinery, which together with the nearby 635,000 b/d Amuay refinery makes up the CRP, is […]
Three Iranian Tankers Make It To Venezuela
(Energy Analytics Institute, 5.Oct.2020) — The third and final Iranian tanker, part of a three-tanker flotilla, docked in Venezuela over the weekend with much needed gasoline supplies for the struggling OPEC country. The three Iranian-flagged tankers – Faxon, Forest and Fortune – are estimated to have transported around 250,000 bbls […]
Venezuela Aims To Reopen Some 1,571 Petrol Stations
(Energy Analytics Institute, 5.Oct.2020) — Venezuela plans to initiate activities at 1,571 petrol stations across the country starting 5 October 2020 as part of a plan to normalize fuel distribution and marketing. All petrol stations must be active and able to supply fuel including stations with international prices, announced state […]
Maduro Drafts Bill To Expand Powers For Oil Deals
(Reuters, 1.Oct.2020) — Venezuelan President Nicolas Maduro has drafted legislation to grant his government expanded powers to confidentially sign new oil deals with private firms and foreign nations as a way of getting around U.S. sanctions, according to the proposal and people familiar with the initiative. Maduro delivered the “anti-blockade” […]
Reliance Buys Canadian Oil To Offset Venezuelan Oil
(Reuters, 1.Oct.2020) — Reliance Industries has agreed to purchase 2 million barrels of Canadian heavy crude per month, three industry sources said, as a substitute for dwindling Venezuelan supply. The deal, large for Canada, shows how global buyers are scrambling for new sources of heavy oil. Venezuela’s production has collapsed […]
First Iranian Tanker Enters Venezuelan Waters
(Reuters, 28.Sep.2020) — The first of a group of three tankers carrying Iranian fuel for gasoline-starved Venezuela entered the waters of the South American nation on Monday, according to Refinitiv Eikon data, in the most recent sign of the countries’ expanding trade. The two OPEC members have increased cooperation this […]
US Pressed For Firm Stance In Venezuelan Bond Case
(Law360, 25.Sep.2020) — A New York federal judge on Friday grilled a lawyer representing the U.S. government on whether she should defer to Venezuelan’s denunciation of the some $1.68 billion in bonds, even as she acknowledged later that it would be a “very harsh result” to deny the bondholders what […]
US Updates On Iran And Venezuela Designations
(US Department of Treasury, 24.Sep.2020) — The state department updates on Iran-related and Venezuela-related designations in today’s press release. SPECIALLY DESIGNATED NATIONALS LIST UPDATE The following individuals have been added to OFAC’s SDN List: SADATI, Seyyed Mahmoud (Arabic: سید محمود ساداتی), Shiraz, Iran; DOB 1958; alt. DOB 1959; POB Estahaban, […]
Venezuela Producing 345,000 B/D: Oil Official Freites Says
(Energy Analytics Institute, 23.Sep.2020) — Crude oil production in Venezuela, home to arguably the world’s largest oil reserves, has fallen to around 345,000 barrels per day (b/d), according to comments from oil union official Ivan R. Freites. Venezuela’s production is down from around 3.3 million barrels per day (MMb/d) in […]
US Treasury Updates Venezuela, Iran Designations
(Energy Analytics Institute, 22.Sep.2020) — The US Department of Treasury released details regarding Venezuela-related designations as well as providing a designation update. Treasury also provided an Iran-related designation update. The following individuals have been added to OFAC’s SDN List: BENAVIDES RONDON, Williams Jose, Venezuela; DOB 04 Apr 1981; POB Guanipa, […]
Elliott Abrams Briefing On Iran And Venezuela
(US Department of State, 16.Sep.2020) — Special teleconference briefing with special representative for Iran and Venezuela Elliott Abrams on developments in Iran and Venezuela. MS ORTAGUS: Thank you so much and good afternoon, everybody. I know we’re having this call right after we did the press conference with the Secretary […]
PDVSA prepares to boost oil blending with condensates
(Reuters, 15.Sep.2020, Words: 492) — Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region, the Orinoco Belt, according to sources and a company document. U.S. sanctions imposed since 2019 have deprived PDVSA […]
Venezuela’s PDVSA looks to lift oil blending
(Reuters, 15.Sep.2020, Words: 492) — Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region, the Orinoco Belt, according to sources and a company document. U.S. sanctions imposed since 2019 have deprived PDVSA […]
Attack On Venezuela Refineries A Playbook US Regime Change Scenario
(Sputnik, 14.Sep.2020) — In the last two years, Venezuela has thwarted a coup attempt organised by opposition leader Juan Guaido, one attempt to kidnap President Nicolas Maduro, and energy outages reportedly caused by sabotage. These events were linked by Caracas directly or indirectly to the US, which has been seeking […]
Venezuela Defies Sanction Tripwires, Imports Oil
(Bloomberg, 13.Sep.2020) — An oil tanker is discharging Iranian condensate for Venezuela as both countries continue to avoid U.S. sanction tripwires. The ship, identified as Honey, turned off its satellite signal and started unloading about 2 million barrels of South Pars condensate at Venezuela’s state-controlled port of Jose on Saturday, […]
Venezuela Tears Apart Oil Pipelines To Sell As Scrap
(Bloomberg, 11.Sep.2020) — Venezuela’s capacity to produce some much-needed gasoline and diesel of its own hinges on a single oil play. To tap it, the Nicolas Maduro regime is willing to cannibalize the country’s crumbling energy infrastructure to pay contractors with scrap metal. Unlike the tar-like crude from Venezuela’s Orinoco […]
Venezuela Captures Suspected US Spy Near CRP
(Energy Analytics Institute, 11.Sep.2020) — Venezuela captured an alleged American spy near its Amuay refinery located in Falcón state. “We have captured an American in Falcón, spying on the Amuay and Cardón refineries,” state oil company Petróleos de Venezuela SA (PDVSA) announced 11 September 2020 in an official statement, citing […]