(Reuters, 15.Oct.2018) — Venezuela’s state-owned oil company PDVSA is preparing to pay holders of its 2020 bond some $950 million this month, after failing to make interest payments on most other bonds this year, sources at the company and in the local financial sector said. PDVSA has fallen behind on […]
Category: Venezuela
Venezuela energy
Venezuela Solicits Audit of Pacific Coast Refinery, Río Napo
(Energy Analytics Institute, Piero Stewart, 13.Oct.2018) — Venezuela has solicited an audit of costs related to the Pacific Coast Refinery and Río Napo JV in order to discuss potential investment plans with Ecuador, reported the daily Ecuadorian newspaper El Universo. In May 2018, Saudi Arabia’s Aramco announced it was interested […]
Shell Seeks To Sell Venezuela JV Stake
(Reuters, 12.Oct.2018) — Royal Dutch Shell Plc is negotiating the sale of its stake in a Venezuelan oil joint venture to Paris-based Maurel & Prom , three sources said this week, a move to scale down its crude business in the ailing OPEC-member country to focus on gas. The Anglo-Dutch […]
Maurel & Prom Confirms Discussions With Shell Over Urdaneta West Field In Venezuela
(Maurel & Prom, 12.Oct.2018) — Etablissements Maurel & Prom notes recent press articles and confirms it is working on the acquisition of Shell Exploration and Production Investments B.V.’s 40% interest as “Shareholder B” in Petroregional del Lago Mixed Company, which operates the Urdaneta West field in Lake Maracaibo, Venezuela. Maurel […]
Venezuela Sets New Wages For Oil Workers As Protests Simmer
(Reuters, Alexandra Ulmer, 10.Oct.2018) — Venezuela on Wednesday increased wages for workers at state energy company PDVSA after employees staged small protests to decry meager salaries amid the OPEC nation’s economic meltdown. Socialist President Nicolas Maduro in August unexpectedly ordered a 60-fold increase in the minimum wage to compensate for […]
IEA Urges Opec to Open Taps as Oil Markets Enter ‘Red Zone’
(Bloomberg, Javier Blas, Grant Smith & Francine Lacqua, 9.Oct.2018) — Oil prices have rallied to a four-year-high due to US sanctions on Iran and the Venezuelan crisis, even as Saudi Arabia moved slow on filling any shortfall. The International Energy Agency (IEA) made a direct appeal to Organization of the […]
Citgo, Valero Drive Up U.S. Purchases of Venezuelan Oil in September
(Reuters, Marianna Parraga, 4.Oct.2018) — Venezuela’s September crude sales to the United States rose to their highest in over a year, boosted by purchases by Citgo Petroleum, the U.S. refining arm of Venezuela’s state-run PDVSA, and Valero Energy, according to Refinitiv Eikon trade flows data. A collision in August at […]
Venezuela’s Oil Exports Are Falling Even Faster Than Expected
(OilPrice.com, Irina Slav, 3.Oct.2018) — A delay in port repairs following a tanker collision is putting additional pressure on already pressured Venezuelan crude oil exports, Reuters quoted anonymous sources close to PDVSA as saying this week. It seems that Venezuela’s woes are only multiplying as time goes by, although news […]
Venezuelan Oil Port Repairs Delayed, Crude Exports Fall: Sources
(Reuters, Marianna Parraga, 2.Oct.2018) — Repairs to a dock at Venezuela’s main oil export port will take at least another month to complete following a tanker collision more than a month ago, further restraining the OPEC member nation’s crude exports, according to sources and shipping data. A minor incident in […]
Cut Venezuela’s Oil Exports, and Cut its Tyrant Down to Size
(Washington Examiner, 1.Oct.2018) — Meeting with the president of Chile at the White House on Friday, President Trump pledged to continue confronting humanitarian suffering in Venezuela. The president deserves credit for his sustained leadership on this issue, but the time has come for more dramatic action. Specifically, the U.S. should […]
Oil Workers Protest Pay in Venezuela
(Bloomberg, 1.Oct.2018) — Venezuelan oil workers protested against a new minimum wage at key crude processing facilities last week, claiming the new law disregards previous pay scales and union agreements. Several dozen workers protested outside Petropiar, the oil upgrader controlled by Petroleos de Venezuela SA and Chevron Corp. in Anzoategui […]
India Eyes Rupee-Route, Barter for Venezuelan Crude
(The Hindu Business Line, Vishwanath Kulkarni, Richa Mishra, 30.Sep.2018) — India is considering setting up a rupee-payment mechanism for trade with Venezuela, besides exporting rice and drugs to the South American nation, all in return for crude oil. The Ministries of Commerce, Finance and Petroleum are looking into the proposal. […]
Venezuela to Continue in Defense of Oil Market Equilibrium
(Energy Analytics Institute, Piero Stewart, 29.Sep.2018) — Venezuela’s Oil Minister Manuel Quevedo announced the South American country would continue to seek equilibrium in the petroleum market. “Under the leadership of President Nicolás Maduro, we will continue to defend a policy of equilibrium and stabilization in the world oil market, having […]
Brazil Says to Suspend Energy Imports from Venezuela
(Energy Analytics Institute, Ian Silverman, 28.Sep.2018) — The Brazilian government announced it would suspend, until further notice, the importation of Venezuelan energy to supply Roraima, a state in northern Brazil on the border with Venezuela. The decision was taken after the Brazilian government announced it considered it more reliable to […]
Uruguay Judge Orders ANCAP to Pay $5.6 Mln to Exor Internacional Ltda.
(Energy Analytics Institute, Ian Silverman, 28.Sep.2018) — Uruguayan Judge Carlos Aguirre ordered ANCAP to pay a fine of $5.6 million plus interest to Exor Internacional Ltda. as a result of a “patrimonial trial related to administrative responsibility,” reported the daily LaRed21. The Exor payment relates to a debt maintained with […]
Oil Spill Reported at Venezuela’s Anzoátegui Petrochemical Complex
(Energy Analytics Institute, Piero Stewart, 27.Sep.2018) — Venezuela’s José Antonio Anzoátegui Petrochemical Complex was the site of a crude oil spill that affected the beaches of the Peñalver municipality in Anzoátegui state. The presence of oil was detected on September 26, 2018 along the beaches of Puerto Píritu, La Cerca […]
Venezuela Faces Fresh Blow With Ship-Fuel Rules Threatening Exports
(Bloomberg, 27.Sep.2018) — New rules forcing ships to use cleaner marine fuels may deal yet another blow to cash-strapped Petroleos de Venezuela SA, an exporter of high-sulfur fuel oil. From Jan. 1, 2020, vessels will have to switch to less-polluting bunker fuel or be fitted with equipment to curb emissions, […]
PetroMonagas, PetroVictoria Rumored to Have Changed President
(Energy Analytics Institute, Ian Silverman, 26.Sep.2018) — The president of the two Venezuelan joint venture companies is rumored to have been changed, according to reports in the daily Noticias Venezuela. The executive, Edgar Sifontes, is said to have left his position at the helms of both companies, reported the daily, […]
Venezuela Doubles Down on Chinese Money to Reverse Crisis
(AP, 20.Sep.2018) — Venezuelan President Nicolas Maduro said Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy. Already a major economic partner, China has agreed to invest US$5 billion more […]
OPEC’s Decade of Turmoil Leaves Cartel Seeking a New Way Forward
(Bloomberg, Christopher Sell, 20.Sep.2018) — A global recession, both $140 and $30 oil, the U.S. shale revolution, a market-share war, and output cuts. OPEC’s 60-year history has rarely confronted a more challenging period than the past decade. Now, instead of enjoying the higher prices resulting from 18 months of joint […]
Venezuela’s Retrogressing Economy — Exhibit 1, PDVSA
(Steve Hanke, Contributor to Forbes, 19.Sep.2018) — Two hallmarks characterize capitalist economies. Firstly, property is predominately in private hands. Consequently, goods and services are allocated via market mechanisms in which prices provide signals for businesses, workers, and consumers. Secondly, capitalist economies are highly capitalized. Indeed, the stocks of physical and […]
President Moise Wants Full Transparency in PetroCaribe Probe
(CMC, 19.Sep.2018) — President Jovenel Moise has called on newly installed Prime Minister Jean-Henry Céant to ensure that there’s total transparency in the investigation regarding the use of funds under the PetroCaribe initiative. “As I explained in my message of Prime Minister Jean Henry- Céant (and) to the nation, and […]
New Corruption Scheme Revealed at PDVSA
(Prensa Latina, 19.Sep.2018) — The Public Prosecutor”s Office (MP) has revealed today a new corruption scheme in the state-run Petroleos de Venezuela (PDVSA), which has caused losses of 18,500,000 dollars to the main industry of the country. In a press conference from the MP headquarters in Caracas, Attorney General Tarek […]
Nicolas Maduro Says Venezuela to Double Oil Production
(Energy Analytics Institute, Piero Stewart, 18.Sep.2018) — Venezuela, the struggling OPEC producer, is now planning to double its production of crude oil, according to statements from the country’s president. “With revolutionary spirit we will double the productive capacity of PDVSA,” announced Venezuela’s President Nicolas Maduro during a press conference in […]
Venezuela’s Maduro Says Relationship With China ‘Win-Win’
(Energy Analytics Institute, Piero Stewart, 18.Sep.2018) — In terms of bilateral cooperation, Venezuela and China are seeking a ‘win-win’ scenarios. “Relations with China are very clear and have been framed around mutual respect and under the premise of win-win, which has allowed for the reactivation of financial funds, and revival […]
IEA Warns of Higher Oil Prices as Iran and Venezuela Losses Deepen
(Bloomberg, Grant Smith. 13.Sep.2018) — The International Energy Agency warned that oil prices could break out above $80 a barrel unless other producers act to offset deepening supply losses in Iran and Venezuela. Iranian crude exports have fallen significantly before U.S. sanctions even take effect, the IEA said in a […]
U.S. Company Manager Pleads Guilty in PDVSA Bribery Scheme
(Reuters, 13.Sep.2018) — A former manager of a U.S.-based logistics company pleaded guilty on Thursday to paying bribes to secure contracts from Venezuela’s state oil company PDVSA, and the guilty plea of the official who was bribed was also unsealed, the U.S. Justice Department said. Juan Carlos Castillo Rincon, 55, […]
Venezuela’s Aug. 2018 Oil Output Continues Decline: OPEC MOMR
(Energy Analytics Institute, Jared Yamin, 12.Sep.2018) — Venezuela’s oil production seems on an unstoppable downward trend. The OPEC country’s production of crude oil fell 2.9 percent to 1,235 thousand barrels per day (Mb/d) in August 2018 compared to 1,272 Mb/d in July 2018, according to data published in OPEC’s Monthly […]
Jamaica’s Economy Gets $5 Bln From PetroCaribe Over 13 Years
(CMC, 12.Sep.2018) — Jamaica says it has benefitted from projects estimated at US$5 billion under the Venezuela-led PetroCaribe initiative over the past 13 years. CEO of the Petro-Caribe Development Fund Dr Wesley Hughes said the contributions of the fund to Jamaica have been “meaningful and significant”. Speaking earlier this week […]
Venezuela Constituent Assembly Seeks to Woo Private Oil Investment
(Reuters, Mayela Armas, 12.Sep.2018) — An overhaul of Venezuela’s constitution being prepared by the pro-government Constituent Assembly will likely include changes intended to attract private investment in the country’s oil fields, according to two assembly members. Production by the OPEC nation’s oil industry is at a 60-year low, leaving President […]
PDVSA To Reopen Damaged Port Dock By Month’s End
(Reuters, Marianna Parraga, 12.Sep.2018) — PDVSA expects to reopen the south dock of Venezuela’s main oil port Jose by the end of September, easing strains on crude exports delayed due to a tanker collision last month, according to internal trade documents from the state-run oil firm seen by Reuters. Last […]
Maduro Looks to China to Bolster Venezuela’s Collapsing Economy
(Afp, 12.Sep.2018) — Venezuela’s President Nicolas Maduro departed Wednesday for China in search of agreements to bolster the oil-exporting country’s collapsing economy. Maduro said the trip was “very necessary, very opportune and full of great expectations.” “We are leaving under better conditions, having activated a program of economic recovery, growth […]
Venezuela Oil Production Continues to Collapse
(Energy Analytics Institute, Jared Yamin, 12.Sep.2018) — The decline is consistent and constant as well as consistently and constantly bad, writes Caracas Capital Market in a research note emailed to clients. Summary details from the research note follow: OPEC released the production counts for its member states today and while […]
Venezuela’s Oil Output Continues Fall, Ecuador’s Rises in Aug. 2018
(Energy Analytics Institute, Piero Stewart, 12.Sep.2018) — Crude oil production in August 2018 in South America’s lone OPEC member countries, Venezuela and Ecuador, continued along usual trends, according to data published in the organization’s September 2018 Monthly Oil Market Report Crude oil production in Venezuela, the country with the world’s […]
Venezuela Wants To Overhaul State Oil Firm PDVSA
(Oilprice.com, Tsvetana Paraskova, 7.Sep.2018) — Venezuela has set up a commission that will be working to reshuffle and reorganize its state oil firm PDVSA in the next few months, according to the country’s Official Gazette on Thursday, in what would be the latest Venezuelan attempt to show that it is […]
Tanker Backlog Builds Again in Venezuela
(Reuters, Marianna Parraga, 6.Sep.2018) — Crude exports by Venezuela’s PDVSA have slowed after a tanker collision at its main port last month disrupted operations, adding to a backlog of vessels waiting to load, according to shipping sources and Reuters data. Oil is the financial lifeline for the embattled socialist government […]
Venezuela Creates Commission to Reorganize PDVSA: Document
(Reuters, 6.Sep.2018) — Venezuela has created a commission to reorganize state oil company PDVSA in the coming months, according to the Official Gazette circulating on Thursday. PDVSA did not immediately respond to an email seeking further details. Reporting by Caracas newsroom; Editing by Chizu Nomiyama ***
Venezuela Oil Sales to US Fell in August
(Reuters, 4.Sep.2018) — Venezuela’s crude sales to the United States fell in August for the second month in a row as exports of two of the South American country’s main grades dropped following port interruptions by a tanker collision, according to Thomson Reuters Trade Flows data. Venezuela’s state-run oil company […]
Scorch Earth Suicide in Venezuela
(EnergyNomics de Venezuela, Carlos A Rossi, 1.Sep.2018) — Nicolas Maduro has drawn the line in the sand: “Either you are with me and stay here living precariously with Chavism, or you are against me and get out. If you choose none of the above: Starve.” Cornered by a hyperinflation over […]
PDVSA Inks $430 Mln Deal in Effort to Boost Oil Output
(S&P Global, Mery Mogollon, 30.Aug.2018) — State-owned Venezuelan oil company PDVSA signed a $430 million service agreement with seven companies to boost its oil production by 641,000 b/d, company president Manuel Quevedo said in a statement Wednesday. The companies on the other side of deal are: Well Services Cavallino, Petro […]
Venezuela Aims To Boost Oil Output By 640 Mb/d
(OilPrice.com, Tsvetana Paraskova, 30.Aug.2018) — Venezuela’s state oil firm PDVSA has said that it signed a US$430 million joint service agreement with seven companies that would help it increase its crude oil production by 641,000 barrels per day. The companies will help PDVSA to raise production at wells at the […]
Trinidad: Crouching Tiger
(Trinidad and Tobago Newsday, Kiran Mathur Mohammed, Camille Moreno, 30.Aug.2018) — The Dragon gas deal signed last Saturday is worth celebrating. The clink of glasses will be heard in boardrooms in both countries. The government deserves it for getting this far, amid the chaos in Venezuela, and the spectre of […]
The Latest Episode in the Crystallex-Venezuela Saga
(Mining.com, Valentina Ruiz Leotaud, 29.Aug.2018) — State-owned Petróleos de Venezuela SA or PDVSA announced on Twitter that it filed an appeal requesting that a Delaware court vacate a decision made public on August 23 granting Canadian miner Crystallex the right to seize its U.S. assets. In its statement, the oil […]
CITGO Awards Grant, Continues Restoration Work
(Citgo, 29.Aug.2018) — Through the CITGO Caring for Our Coast initiative, a program designed to boost ecological conservation, restoration and education, The Conservation Foundation (TCF) has been awarded a grant to continue its restoration work in the Heritage Quarries Recreation Area (HQRA) in Lemont. In partnership with TCF and the […]
Carolyn Wants Details on Dragon Gas Deal
(Trinidad and Tobago Newsday, Sean Douglas, 28.Aug.2018) — Four questions have been posed by Congress of the People leader and former energy minister Carolyn Seepersad-Bachan over the Dragon gas deal signed on Saturday between the leaders of TT and Venezuela. “Whereas the government may not be able to publicly state […]
Venezuelan Oil Port Working Partially After Collision
(Reuters, Marianna Parraga, 28.Aug.2018) — Venezuela’s main oil port of Jose is operating partially following a weekend tanker collision that halted one of its three docks, curtailing state-run PDVSA’s ability to export upgraded crude and receive imported diluents, three sources with knowledge of the incident said on Tuesday. PDVSA has […]
Venezuela Gas Price Deal Competitive—Khan
(Trinidad Guardian, 27.Aug.2018) — Government is giving no details on the pricing structure this country will pay for gas from the Dragon Field under the agreement signed with Venezuela on Saturday, but Energy Minister Franklin Khan is assuring that the pricing structure agreed to was competitive and followed “months of […]
Dragon Gas Deal May Be ‘Political Gimmicks’
(Trinidad and Tobago Newsday, Richardson Dhalai, 26.Aug.2018) — The Dragon gas deal may be “public relations and political gimmicks” which may not benefit TT. That’s the view of Pointe-a-Pierre MP David Lee who, in a media release yesterday, cited the 2016 trade deal between TT and Venezuela saying some local […]
Five Things About T&T, Venezuela’s Dragon Gas Deal
(Loop News, 26.Aug.2018) — On August 25, 2018, an historic agreement was made between Prime Minister Dr Keith Rowley and Venezuelan President Nicolás Maduro for access the Venezuela’s Dragon Field. Here are five things to know about the Dragon field gas deal: Dragon will produce 150 million cubic feet per […]
PDVSA, Citgo Evaluating Aruba Gas Plan
(Energy Analytics Institute, Piero Stewart, 25.Aug.2018) — Venezuela is evaluating a plan to implement a natural gas project with Aruba. Officials from Venezuela’s state oil company PDVSA, and its refining arm Citgo Petroleum Corporation continue to evaluate the potential of such a project that would imply a gas interconnection between […]