(Energy Analytics Institute, Aaron Simonsky, 13.May.2017) â PDVSA announced construction of a 100-MW electric generation plant located in Barinas state had reached the 98% mark in terms of completion. Work on the plant is estimate for completion this June 2017, PDVSA announced in an official statement. New infrastructure at the […]
Category: Venezuela
Venezuela energy
Venezuela Eyes 2018 Presidential Elections
(Energy Analytics Institute, Aaron Simonsky, 13.May.2017) â Venezuelan President Nicolas Maduro said during a speech televised on national TV that ârain, thunder or lightning, in Venezuela there would be presidential elections in 2018 because the revolution governed.â ***
Venezuela to End Oil Rentier Model
(Energy Analytics Institute, Piero Stewart, 26.Mar.2017) â Venezuelaâs President Nicolas Maduro announced that this year the South American country would change its oil rentier model for an economic model whereby the private sector would work with his revolutionary government. ***
Citgo Says No to Heating Oil Program
(Energy Analytics Institute, 26.Mar.2017) â Houston-based Citgo Petroleum Corporation, the U.S.-based refinery arm of PDVSA, had to skip out on sending heating oil to citizens in the U.S. northeast under a program dubbed âJoe-4-Oilâ amid a continued economic crisis in the oil-rich nation, reported the news agency AP. ***
Venezuela Output To Fall 100-150 Mb/d in 2017
(Energy Analytics Institute, Piero Stewart, 26.Mar.2017) â An inability to boost foreign and domestic investments in Venezuelaâs oil sector in 2017 will result in further declines in the Caribbean nationâs production of crude oil, according to IESA Professor Richard Obuchi. Producing petroleum requires investments, and if they do not materialize, […]
Venezuela Not Selling Gasoline in Pesos
(Energy Analytics Institute, Aaron Simonsky, 15.May.2017) â Venezuela expects to receive between $120,000 and $150,000 per day from the sale of its gasoline along the Colombian border, reported the daily El Nacional citing Economist Aldo Contreras. However, since initiating the process on January 2, 2017 to commercialize its gasoline along […]
Venezuela Holds World’s 8th Largest Gas Reserves
(Energy Analytics Institute, Piero Stewart, 11.Mar.2017) â Venezuela, the country with the worldâs largest crude oil reserves, also continues to hold the worldâs eighth largest accumulation of natural gas reserves (see table below), according to BPâs Statistical Review of World Energy. Top Ten Holders of Natural Gas Reserves Worldwide Rank […]
Jusepin Plant to Assist PDVSA Gas Reduce Flaring
(Energy Analytics Institute, Piero Stewart, 11.Mar.2017) â PDVSA said that the start of the Jusepin 200 gas processing plant will allow its affiliate PDVSA Gas to reduce gas flaring by 100 million cubic feet per day (MMcf/d), announced Venezuela’s oil ministry in a twitter post. The compression plant, located in […]
Guri Dam Water Level Above 2016 Levels
(Energy Analytics Institute, Piero Stewart, 11.Mar.2017) â The water level at Venezuelaâs Guri Dam was at 261 meters above sea level as of March 1, 2017, and up 12 meters over the same period in 2016 when the water level was at 249 meters above sea level, reported the daily […]
Harvest Natural Announces 4Q:16 Results
(Harvest Natural Resources, Inc., 6.Mar.2017) â Harvest Natural Resources, Inc. announced 2016 fourth quarter and year-end earnings. Harvest posted a fourth quarter 2016 net income of $100.6 million, or $9.00 per basic and diluted share, compared with a net loss of $73.2 million, or $5.70 per basic and diluted share, […]
Mariscal Sucre to Produce 300 MMcf/d
(Energy Analytics Institute, Piero Stewart, 2.Mar.2017) â The Mariscal Sucre offshore project is expected to be producing 300 million cubic feet per day (MMcf/d) in the fourth quarter of 2017, PDVSA announced in an official statement. The Mariscal Sucre project is comprised of four fields: DragĂłn, Patao, Mejillones and RĂo […]
PDVSA Steps up Legal Actions Against PetroSaudi
(PDVSA, 24.Feb.2017) â PDVSA, through its subsidiary PDVSA Servicios SA, has been involved in a legal battle against PetroSaudi Oil Services Ltd. Among other claims, PDVSA seeks to obtain compensation for damages incurred due to the poor performance of the offshore drilling unit contracted to carry out drilling and well […]
PDVSA, Rosneft Hold Conference on EHCO
(PDVSA, 23.Feb.2017) â PDVSA and the Russian company Rosneft held a technical conference on strategy, innovation and technology for a sustainable future, February 22-23, 2017 at PDVSA Intevepâs headquarters in Los Teques, Miranda state. The event brought together 150 PDVSA and Rosneft specialists from various fields to strengthen cooperation, exchange […]
PDVSA Strengthens Cuba-Venezuela Agreement
(PDVSA, 22.Feb.2017) â The vice president of trade and supply of PDVSA Ysmel Serrano, concluded a work trip to Cuba in order to strengthen energy cooperation ties as part of the Cuba-Venezuela Agreement. Key issues for the development of integration policies with the peoples of the Caribbean were discussed in […]
PDVSA and Schlumberger Discuss Business Relations
(PDVSA, 22.Feb.2017) â On February 21, 2017, Schlumberger CEO Paal Kibsgaard, visited the headquarters of PetrĂłleos de Venezuela S.A. (PDVSA) to hold a meeting with PDVSA President Eulogio Del Pino. The agenda focused on Venezuela opportunities as the low oil price cycle is coming to an end. They exchanged views […]
PDVSA Pays Interest to Bond Holders
(PDVSA, 20.Feb.2017) â PDVSA informed all holders of PDVSA Bonds maturing in 2022, that payment of interest was made on February 17, 2017 corresponding to the semester ending February 2017, according to preset conditions on paper issued February 2011. ***
PDVSA Actions in RincĂłn, Shiera Cases
(PDVSA, 20.Feb.2017) â As has been informed, PDVSA subsidiary Bariven, S.A., has been the victim of a fraud perpetrated by former contractors and suppliers of the company led by Roberto Enrique RincĂłn FernĂĄndez and Abraham JosĂ© Shiera Bastidas, who in complicity with former employees of a foreign PDVSA subsidiary obtained […]
PDVSA to Investigate Barinas Pipeline Fire
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) â PDVSA announced a fire along a section of an oil pipeline located in Barinas state was controlled with the assistance of the state fire department, state police and civil protection personnel. The fire occurred along the San SilvestreâEl Real section of the 20-inch […]
Venezuela, China Sign 8 Oil Deals
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) â Venezuela signed 22 agreements with China, including eight (8) related to heavy and extra heavy oil ventures in the OPEC-member country, with an estimated value of $2.7 billion, announced Venezuelan President Nicolas Maduro during a signing ceremony in Caracas. ***
PLC Refinery Conversion to Conclude in 2018
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) â PDVSA estimates that the deep conversion project at its 100 percent owned Puerto La Cruz refinery, which will require foreign investments of $10.5 billion and allow the refinery to process 210,000 barrels per day, will conclude in late 2018. ***
Lawsuits Push Venezuela to Brink of Default
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) â A Paris Court of Appealâs rejection of an annulment from Venezuela will force the cash-strapped South American country to pay $730 million to Canadaâs Gold Reserve Inc. This lawsuit and others pending in international courts, should they be rendered with final decision against […]
Citgo Without CEO After Martinez Leaves
(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) â Citgo Petroleum Corporation has yet to the report on a possible replacement to head the company after its CEO and President Nelson Martinez was appointed as Venezuelaâs Oil Minister by the countryâs President Nicolas Maduro. The appointment leaves Citgo, the Houston-based refining arm […]
Venezuela Advances with PLC Conversion Project
(PDVSA, 14.Feb.2017) â Members of the China-Venezuela High Level Joint Commission toured the facilities of the Puerto La Cruz Refinery in AnzoĂĄtegui state, to review the progress of the Deep Conversion Project, a big scale project of PDVSA for the processing of heavy and extra heavy crude from the Hugo […]
Venezuela, China Hold High Level Commission
(PDVSA, 13.Feb.2017) â The 15th China-Venezuela High Level Joint Commission took place at the JosĂ© FĂ©lix Ribas Hall of Teresa Carreño Theater in Caracas, with the aim of discussing the progress of the Economic Agenda for Binational Cooperation and continue strengthening relations between the two nations throughout the year. The […]
Venezuela Signs Eight Agreements with China
(PDVSA, 13.Feb.2017) â PDVSA ratified its cooperation with the People’s Republic of China with the signing of eight agreements at the 15th China-Venezuela High Level Joint Commission, which was held at the JosĂ© FĂ©lix Ribas Hall of the Teresa Carreño Theater in Caracas. The event was headed by Venezuelaâs President […]
Venezuela, Algeria Officials Discuss Bilateral Coop
(PDVSA, 13.Feb.2017) â Venezuelaâs Foreign Minister Delcy RodrĂguez and Oil Minister Nelson MartĂnez visited the People’s Democratic Republic of Algeria to continue working visits to member a and non-member countries of the OPEC. The officials discussed bilateral cooperation issues during their meeting with Algerian Foreign Minister Ramtane Lamamra, and Energy […]
Venezuela’s MartĂnez meets Omani Counterpart
(PDVSA, 10.Feb.2017) â Venezuelaâs Foreign Minister Delcy RodrĂguez and the countryâs Oil Minister Nelson MartĂnez traveled to the Sultanate of Oman to meet with Omani Oil Minister Mohammed bin Hamad Al Rumhy, as part of a tour of member and non-member countries of OPEC. Oman, together with Venezuela, Algeria, Kuwait […]
Why is Venezuelaâs Oil Sector So Shattered?
(Igor HernĂĄndez, IESA Professor, 8.Feb.2017) â For oil-dependent Venezuela, the drop in oil prices since 2014 has been hard. Combined with the collapse in production, it has created an unprecedented economic crisis. Output decreased by 337,000 barrels per day (bpd) between December 2015 and December 2016 to 2.27 million bpd, […]
Paris Court Favors with Gold Reserve
(Gold Reserve Inc., 7.Feb.2017) â Gold Reserve Inc. announced that on February 7, 2017, the Paris Court of Appeal rejected all of Venezuelaâs arguments and issued a judgment dismissing the annulment applications filed by Venezuela pending before the French courts in relation to the arbitral award dated September 22, 2014 […]
PDVSA Exploration VP Tours Faja Ops
(PDVSA, 4.Feb.2017) â PDVSA Vice President of Exploration and Production Nelson Ferrer, led a tour of the facilities of the Orinoco Drill Operators Cooperative Association, which absorbed former Petrex SudamĂ©rica workers, in the Hugo ChĂĄvez Orinoco Oil Belt. He was able to see the progress of the new labor scheme […]
Venezuela Says El Tablazo Targeted
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) â Venezuelaâs Electric Energy Minister Luis Motta DomĂnguez announced three persons planned actions to sabotage the sub-station El Tablazo 400 in Zulia state. One of the persons unfortunately was electrocuted during the process, reported the daily Panorama, while the other two are currently in […]
New PDVSA Board Preparing for Changes
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) â A newly appointed Board of Directors at PDVSA will be charged with taking actions to prepare the company for the eventually turn around in the crude oil export market. Venezuelaâs President Nicolas Maduro said during his weekly broadcast that the new board would […]
PDVSA Says Costs Down More Than 30%
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) â PDVSA reduced operating costs by more than 30 percent, announced the entity in an official statement, citing company President Eulogio Del Pino. No further details were revealed by the company. ***
Maduro Ask Citizens to Reduce Consumption
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) â Venezuelaâs President Nicolas Maduro called on the Venezuelan citizens to reduce their consumption of fuels so that they could be used for exports to international markets. ***
Maduro Names New Central Bank Head
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) â Venezuelaâs President Nicolas Maduro named Ricardo Sanguino as the new President of the Venezuelan Central Bank (BCV). Sanguino replaces Nelson Merentes, who resigned the post. ***
Mariscal Sucre Has 600 MMcf/d Production Potential
(Piero Stewart, Energy Analytics Institute, 1.Feb.2017) â Venezuelaâs Mariscal Sucre natural gas project offshore has a production potential of 600 million cubic feet per day. The company plans to use this gas production to supply export markets in Colombia, Ecuador, Central America and the Caribbean, PDVSA announced in an official […]
Venezuelan Executives Discuss Oil Agenda
(Energy Analytics Institute, Piero Stewart, 29.Jan.2017) â Members of the Hydrocarbon Motor of the Bolivariana Economic Agenda met in Caracas to discuss advances under the plan. The meeting, held January 26, 2017 at the headquarters of PDVSA, in La Campiña in Caracas was attended by representatives from the Bolivariana Energy […]
Maduro Announces Shakeup to PDVSA Board
(Energy Analytics Institute, Pietro D. Pitts, 29.Jan.2017) â Venezuela’s President Nicolas Maduro announced changes to the Board of Directors at PDVSA and said the members would be expected to assume the homework of deepening the transformation of the entity into a Socialist Corporation. PDVSAâs President Eulogio Del Pino was restated […]
Bariven to be Heard in Restitution Process
(PDVSA, 28.Jan.2017) â Bariven, S.A., a PDVSA subsidiary, has taken legal action to obtain compensation for damages suffered due to fraudulent actions by former contractors and suppliers who in collusion with former workers of Bariven and some of its subsidiaries, obtained procurement contracts through acts of corruption, causing property and […]
Venezuela Eyes Boosting Hydrocarbons Economic Driver
(PDVSA, 26.Jan.2017) â Members of the Hydrocarbons Economic Driver of the Bolivarian Economic Agenda, met at La Campiña headquarters of PDVSA in Caracas, for the presentation of the first annual report. The first session of 2017 was attended by more than 30 representatives from the Bolivarian Federation of Energy and […]
PDVSA Financial Debt Down by $2.7 Bln in 2016
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2017) â Cash-strapped PDVSA went out on a limb again last year to reduce its long-term financial debt. PDVSA, as the Caracas-based company is known, may not have invested heavily in exploration and production activities to boost falling crude oil production or in its six […]
Maduro Names Citgo President as Venezuelaâs Oil Minister
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2017) â Venezuela President Nicolas Maduro announced the appointment of Nelson MartĂnez, the actual president of Citgo Petroleum Corporation, as the countryâs new petroleum minister. MartĂnez replaces outgoing Petroleum Minister Eulogio Del Pino. âOur friend Eulogio Del Pino remains in front of PDVSA,â reported state […]
Maduro Fires Pequiven President
(Energy Analytics Institute, Piero Stewart, 16.Jan.2017) â Venezuelaâs newly appointed Vice President Tareck Aissami announced that the countryâs President Nicolas Maduro had ordered the dismissal of Pequien President Juancarlo Depablos Contreras due to issues related to shortfalls in production and supply of raw materials. âSerious acts of corruption have been […]
PDVSAâs Domestic Refining Utilization Falls
(Energy Analytics Institute, Aaron Simonsky, 16.Jan.2017) â Refining utilization rates at PDVSAâs six domestic refineries averaged 30.7 percent in 2016 owing to permanent and temporary plant shut downs, and continued problems procuring replacement parts all due to finance issues. PDVSAâs domestic refineries â Amuay, CardĂłn, Bajo Grande, Puerto la Cruz, […]
Venezuela Moving Towards Oil Industry Restructuring
(Energy Analytics Institute, Aaron Simonsky, 4.Jan.2017) â âVenezuelan President Nicolas Maduro says âweâre going towards a restructuring of the (oil) industryâ and names Nelson MartĂnez, the actual president of Houston-based Citgo Petroleum Corporation, as Venezuelaâs Petroleum Minister. MartĂnez replaces Eulogio Del Pino in this position. Del Pino retains his post […]
PetroMonagas Initiates Drilling at UBCP14
(Energy Analytics Institute, Piero Stewart, 2.Jan.2017) â PDVSA PetroMonagas initiated directional drilling activities in RĂo Yabo — located in the Aceital del Yabo community in AnzoĂĄtegui state — and plans to install 800 meters of 30-inch tubing over 60 days. The tubing will have a transport capacity of 70,000 barrels […]
Venezuela Implements Oil Cut Agreement
(PDVSA, 27.Dec.2016) â PDVSA announced implementation of an agreement to reduce production reached by member and non member countries of the Organization of the Petroleum Exporting Countries (OPEC). Under the agreement, Venezuela must implement a production cut of 95,000 barrels per day. As of January 1, 2017 PDVSA and /or […]
Venezuela Oil Output to Near 2 MMb/d
(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) â OPEC member nation Venezuela, which produced 2.097 million barrels per day (MMb/d) in November, according to the December 2016 Monthly Oil Market Report published by the Organization of Petroleum Exporting Countries (OPEC), which cited secondary sources, could see its crude oil production reach […]
Six Dead in PDVSA Truck Accident
(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) â An accident between a fuel transport truck owned by PDVSA and a vehicle carrying six persons from Venezuelaâs armed forces unfortunately claimed resulted in the death of all the military personnel. The accident occurred in Tachira state and is under investigation by personnel […]