(Energy Analytics Institute, Ian Silverman, 26.Dec.2016) – Three officials from PDVSA participated in a graduation ceremony in San TomĂ©, south of Anzoátegui state, whereby 124 graduates received diplomas and were immediately incorporated into the payroll of state oil company PDVSA. The officials included PDVSA Exploration and Production Vice President Orlando […]
Category: Venezuela
Venezuela energy
PDVSA Says It Maintains Full Ownership of Citgo
(Energy Analytics Institute, Ian Silverman, 25.Dec.2016) – PDVSA maintains full ownership and control over its Houston-based subsidiary Citgo Petroleum Corporation. PDVSA, in an official statement, also downplayed media versions and comments emitted by persons it claims are only interested in generating political instability in Venezuela based on speculation, rumors and […]
Looting Concerns in Venezuela Oil Areas
(Energy Analytics Institute, Piero Stewart, 23.Dec.2016) – Looting in Bolivar state will not yet affect Venezuela’s crude oil production or export capacity. However, fears of similar looting spreading to oil producing regions raises concerns about the potential impact they could have on Venezuela’s main export revenue source during a time […]
Maduro Seeks Price Strategy Closure
(Energy Analytics Institute, Piero Stewart, 23.Dec.2016) – Venezuela’s relentless search for a fair oil price continues as President Nicolas Maduro prepares to travel to various oil producing countries to finalize a strategy reached last month to stabilize oil prices, announced the official during his weekly radio and television program En […]
PDVSA To Industrialize Faja Oil
(PDVSA, 15.Dec.2016) – As of 2019, PDVSA, through Puerto La Cruz Refinery’s Deep Conversion Project, will industrialize crude oil from the Orinoco Oil Belt using HDHPLUS®, a Venezuelan technology, announced the People’s Power Minister of Foreign Trade and International Investment Jesus FarĂa. Minister FarĂa and the Ambassador of South Korea […]
PDVSA Signs Agreements with Shell
(PDVSA, 5.Dec.2016) – PDVSA and Shell Venezuela signed two agreements at Miraflores Palace. Both companies have stakes in the joint venture Petroregional del Lago, S.A. and plans to boost its production to 344 million barrels from 2017 to 2035, the first agreement provides for an investment of $2.8 billion ($400 […]
Trinidad and Venezuela Reach Deals
(Energy Analytics Institute, Piero Stewart, 5.Dec.2016) – Together with President Nicolas Maduro and Prime Minister of Trinidad Keith Rowley we reached historic energy agreements, wrote PDVSA President Eulogio Del Pino in a series of twitter posts. “Together with Shell Venezuela we agreed to start negotiations to obtain financing for Petroregional […]
Venezuela to Export Gas to Trinidad
(PDVSA, 5.Dec.2016) – During a meeting in Miraflores Palace, the People’s Power Minister of Petroleum and President of PDVSA Eulogio Del Pino and the Prime Minister of Trinidad and Tobago Keith Rowley, signed an agreement to implement the Natural Gas Supply Project from Venezuela to Trinidad and Tobago through a […]
Harvest Natural Resources Reports 3Q:16 Results
(Harvest Natural Resources, Inc., 9.Nov.2016) – Harvest Natural Resources, Inc. reported a third quarter 2016 net loss of approximately $7.1 million, or $0.55 per diluted share, compared with net income of $5.7 million, or $0.52 per diluted share, for the same period last year. The third quarter results include exploration […]
PDVSA Awards $138mn Contract To Tackle Petcoke Problem
(Reuters, 23.Sep.2016) — Venezuelan state oil company PDVSA said on Friday that Maroil Trading Inc has won a $138 million contract to remove a large pile of petroleum coke at the Jose solids terminal in the eastern state of Anzoategui. Petcoke, a byproduct of upgrading tar-like Orinoco oil into lighter […]
Venezuela Still the Country with the Largest Oil Reserves
(Energy Analytics Institute, Pietro D. Pitts, 14.Aug.2016) – Venezuela, the resource-rich South American country known for its chocolates, Caribbean beaches, lively citizens and beauty queens, still reigns as the country with the largest crude oil reserves, according to the BP Statistical Review of World Energy (June 2016). Venezuela had proved […]
Venezuela Cancels Premier LAPS Oil Event
(Energy Analytics Institute, Pietro D. Pitts, 4.Jul.2016) – Venezuela will not hold its annual Latin American Petroleum Show (LAPS). The decision to cancel the event this year is due to financial constraints that render PDVSA unable to provide major hosting support as well as payment issues with international service providers […]
Venezuela to soon initiate gas shipments to Colombia
(Energy Analytics Institute, Piero Stewart, 4.Jul.2016) – Venezuela plans to soon initiate shipments of natural gas to Colombia, reported Venezuela’s new agency AVN, citing the country’s Oil Minister Eulogio Del Pino. The gas will come from the Perla field offshore, which is part of the Cardon IV project.
Venezuela Producing 3.8 MMboe/d, PDVSA President Says
(Energy Analytics Institute, Piero Stewart, 4.Jul.2016) –Venezuela is producing 3.8 million barrels of oil equivalent per day, PDVSA President Eulogio Del Pino said during an interview on the television program JosĂ© Vicente Hoy, which is produced by Televen. “These days they are saying our production is falling. These are figures […]
Maduro Holds Meeting with Citizens’ Joseph Kennedy
(Energy Analytics Institute, Piero Stewart, 2.Jul.2016) – Venezuela’s President Nicolas Maduro held a meeting with Citizens Energy Corporation founder Joseph Kennedy in Caracas to discuss matters related to the U.S.-based non-profit organization, reported Venezuela’s new agency AVN. Citizens Energy is a non-profit company that receives and distributes Venezuela heating oil […]
President Obama Insists Venezuela Respect Democratic Process
(Energy Analytics Institute, Jared Yamin, 25.Jun.2016) – U.S. President Barack Obama insists the Venezuelan government respect the democratic process regarding calls for a recall referendum against Venezuelan President Nicolas Maduro, reported the daily El Universal. “Political prisoners should be freed,” said Obama during a speech in Ottawa, Canada. ***
PDVSA Says Drilling Rig Inventory at 311 Units
(Energy Analytics Institute, Piero Stewart, 25.Jun.2016) – PDVSA’s inventory of drilling rigs in Venezuela at the end of May 2016 reached 311 units, of which 156 were owned by the company, while 155 were owned by third parties, the state oil company announced in an official statement on its website. […]
Venezuela Sends Two Fuel Tankers to Singapore
(Energy Analytics Institute, Piero Stewart, 25.Jun.2016) – Venezuela sent two fuel tankers at full capacity to Singapore, reported Reuters. The tankers, New Dream, rented by PetroChina, Britanis, and Trafigura, are en route to Singapore with 270,000 tons of fuel, reported the news agency. ***
PDVSA President Del Pino Orders Co. Audit
(Energy Analytics Institute, Jared Yamin, 24.Jun.2016) – PDVSA President Eulogio Del Pino ordered the investigation into presumed acts of corruption and bribery within the state oil company, reported the daily newspaper El Universal. ***
PDVSA Raises Recovery Factor in South JunĂn District
(Energy Analytics Institute, Jared Yamin, 21.Jun.2016) – PDVSA has increased the recovery factor to 35 percent from 20 percent in the South JunĂn district of the Orinoco Heavy Oil Belt or the Faja using various technologies. Said technologies could establish a base or floor recovery factor in the Faja of […]
PDVSA Completes Directional Work on 70th Well in Maracaibo
(Energy Analytics Institute, Jared Yamin, 20.Jun.2016) – PDVSA’s Western Petroleum Services division has performed services on a total of 70 drilling wells with the recent completion of work on a directional drilling well located in Lake Maracaibo. Work at the LB-2963-ST well where the PDV-142 rig is located, was completed […]
ExxonMobil Sells Share of Chalmette Refining, LLC in Louisiana
(Exxon Mobil, 18.Jun.2016) – Exxon Mobil Corporation has reached an agreement with PBF Energy Inc. for the sale and purchase of its 50 percent interest in Chalmette Refining, LLC in Chalmette, Louisiana. PBF Energy will purchase 100 percent of Chalmette Refining, LLC, which is a joint venture between affiliates of […]
Venezuela Needs to Learn to Live with $40-$45/Bbl Oil
(Energy Analytics Institute, Jared Yamin, 16.Jun.2016) – Venezuela has to learn to live with oil prices between $40 per barrel and $45 per barrel in order to stop its oil rentier model, announced Venezuela’s President Nicolas Maduro during a broadcast on national television from Miraflores Presidential Palace in Caracas. Venezuela […]
Venezuela Seeks to Boost Gas Supply by Reducing Flaring
(Energy Analytics Institute, Piero Stewart, 15.Jun.2016) – Latin American oil producer Venezuela plans to increase the supply of natural gas in its domestic market by reducing flaring and using the once wasted resource as a raw material to supply its ailing petrochemical sector. Venezuela plans to increase domestic gas supply […]
PDVSA, Inpex Invest $350 Mln to Boost Gas Output
(Energy Analytics Institute, Piero Stewart, 15.Jun.2016) – PDVSA and Japan’s Inpex invested $350 million to improve gas compression operations at the Copa Macoya plant in Guarico state, and boost output by an additional 48 million cubic feet per day of natural gas. The investment also included construction of a mechanical […]
Fuel Demand in Colombia Increases with Closing of Venezuelan Border
(Energy Analytics Institute, Jared Yamin, 15.Jun.2016) – Demand for fuels in Colombia increased 11 percent due to the closing of the border with Venezuela, wrote Colombia’s Energy Vice Minister in a twitter post. The public policy is the assurance of the continuous supply of liquids, and even better when there […]
Venezuela in Talks with China About Grace Period
(Energy Analytics Institute, Jared Yamin, 14.Jun.2016) – Venezuela continues to discuss matters with China regarding a grace period for the South American country to pay back loans to the Asian country, reported Reuters, citing three sources familiar with the discussions. During the period Venezuela would pay back only the interest […]
Venezuela Aims to Boost Oil Output Over Next Six Months
(Energy Analytics Institute, Jared Yamin, 14.Jun.2016) – Venezuela’s President Nicolas Maduro said his country needs to boost its crude oil output over the next six months in accordance with the quotas assigned by OPEC and reduce production costs to optimize investments. Maduro’s comments came during a rally staged by hydrocarbon […]
PDVSA Still Seeks Friendly Settlement with PetroPar
(Energy Analytics Institute, Jared Yamin, 12.Jun.2016) – PDVSA continues to seek a friendly settlement with PetroPar in regards amounts it is owed by its Paraguayan counterpart, announced PDVSA in an official statement posted on Twitter. PDVSA is requesting PetroPar pay its debt to Venezuela without additional delays. Additionally, PDVSA says […]
Schlumberger Rigs to Operate Under Different Scheme
(Energy Analytics Institute, Jared Yamin, 11.Jun.2016) — Schlumberger’s fourteen drilling rigs in Venezuela will soon commence to operate under a different financial scheme, reported PDVSA in an official statement on its website. “There are fourteen Schlumberger rigs that will soon operate under different financing schemes,” reported PDVSA, citing its president […]
CITGO, Aruba Gov’t Finalize San Nicolas Refinery Deal
(Energy Analytics Institute, Pietro D. Pitts, 11.Jun.2016) – Authorities from the governments of Aruba, the Bolivarian Republic of Venezuela, and officials from Venezuela’s state oil company PetrĂłleos de Venezuela, S.A. (PDVSA) and CITGO Aruba, gathered in Caracas, Venezuela to take part in the execution of a commercial agreement between CITGO […]
PDVSA, Schlumberger Maintain Relationship in Venezuela
(Energy Analytics Institute, Jared Yamin, 10.Jun.2016) — PDVSA and oil field services giant Schlumberger continue to maintain their operational relationship, reported PDVSA in an official statement, citing a Schlumberger legal representative. Schlumberger and PDVSA are working to maintain and increase joint business activities, said Schlumberger Venezuela Operations Vice President Roy […]
Paraguay to Pay Back $287 Mln PDVSA Debt in 2023
(Energy Analytics Institute, Aaron Simonsky, 8.Jun.2016) – Paraguay plans to pay back its $287 million debt with PDVSA in 2023, reported the daily newspaper Noticias24, citing Paraguayan Industry and Commerce Minister Gustavo Leite. The agreements between Paraguay and Venezuela were initially signed in 2008 and established that debts accumulated by […]
Paraguay Says No Need To Issue Bonds To Pay PDVSA Debt
(Energy Analytics Institute, Aaron Simonsky, 8.Jun.2016) – Paraguay does not need to issue bonds to pay off an outstanding debt with Venezuela’s state oil company PDVSA, according Paraguay’s Finance Minister Santiago Peña. “We have tried to come closer regarding payment of the debt,” reported the daily newspaper UltimaHora, citing Peña. […]
Petropar Says PDVSA Claims Not Valid Related to Debt
(Energy Analytics Institute, Aaron Simonsky, 6.Jun.2016) – Plans announced by PDVSA to sue its Paraguayan counterpart Petropar are not valid and go against international agreements. Caracas-based PDVSA announced it would take legal actions against Petropar if the company failed to pay a debt of $287 million by June 10, 2016, […]
Venezuela Proposes AlĂ RodrĂguez as OPEC Sec-General
(Energy Analytics Institute, Jared Yamin, 1.Jun.2016) — Venezuela proposed to OPEC the appointment of AlĂ RodrĂguez Araque as secretary-general for the organization, reported PDVSA in an official statement on its website. Araque is the actual Venezuelan ambassador in Cuba and was the OPEC Secretary-General from January 2001 until June 2002. […]
PDVSA Reports 46% Drop in Hydrocarbon Income
(Energy Analytics Institute, Pietro D. Pitts, 31.May.2016) — Venezuela’s state oil company PetrĂłleos de Venezuela (PDVSA) reported disappointing financial data for 2015 as oil and gas revenues fell 46 percent and integral net income fell 80 percent. Caracas-based PDVSA reported hydrocarbon revenues of $55.3 billion in 2015, down 46 percent […]
Venezuela Publishes Details About Keeping Forex in Country
(Energy Analytics Institute, Jared Yamin, 31.May.2016) — Venezuela published details in its Official Gazette No. 40,913 which establishes that private, national and foreign companies that transport and distribute gas for collective consumption can maintain their foreign currency in banking institutions or similar entities. The private gas companies “don’t have the […]
PDVSA Installs Stripper Unit at Puerto La Cruz Refinery
(Energy Analytics Institute, Piero Stewart, 28.May.2016) — PDVSA successfully installed a separator or sour water stripper unit, also known as Unit 84, at the Puerto La Cruz refinery in Anzoátegui state. The unit is part of the deep conversion project at the refinery, reported PDVSA in an official statement on […]
PetroCaribe Evaluates Creation of JV Company to Distribute Gas
(Energy Analytics Institute, Piero Stewart, 27.May.2016) — PetroCaribe member countries evaluated the creation of a joint-venture company that would distribute Venezuelan gas to them, reported Venezuela’s news agency AVN, citing PDVSA President Eulogio Del Pino. “The proposal – after looking at the quantity of reserves that we have in the […]
PDVSA to Divest of Petrolera del Cono Sur In Argentina
(Energy Analytics Institute, Jared Yamin, 23.May.2016) – A group of Argentina businessmen plan to buy the assets of Petrolera del Cono Sur, a subsidiary of PDVSA in Argentina. The assets include 95 service stations as well as storage tanks in the Dock Sud, reported the daily newspaper La NaciĂłn. The […]
Venezuela, Trinidad Sign Energy-Related Deals
(Energy Analytics Institute, Pietro D. Pitts, 23.May.2016) – Venezuela’s President Nicolas Maduro and Trinidad and Tobago’s Prime Minister Keith Rowley were both present during an energy-related signing ceremony in Port of Spain between the two countries. Trinidad’s Minister of Energy and Energy Industries Nicole Olivierre signed the agreements for her […]
Harvest Natural Resources Announces 1Q:16 Results
(Harvest Natural Resources, Inc., 17.May.2016) — Harvest Natural Resources, Inc. announced 2016 first quarter earnings and provided an operational update. Harvest reported a first quarter net loss of approximately $14.1 million, or $0.27 per diluted share, compared with a net loss of $5.6 million, or $0.13 per diluted share, for […]
Petro San FĂ©lix Cos Study Swapping Coke
(Energy Analytics Institute, Piero Stewart, 16.May.2016) — A number of international and national coke processing companies visited the Petro San FĂ©lix solids terminal located in the JosĂ© Antonio Anzoátegui Industrial Complex (CIJAA by its Spanish acronym) with the intention to study the potential to swap green coke for calcined coke. […]
PDVSA Increases Food Card Stipend to Bs. 38,000 per Month
(Energy Analytics Institute, Jared Yamin, 14.May.2016) — PDVSA increased the food card stipend to its workers by 100 percent to 38,000 Venezuelan bolivars per month, reported the daily newspaper Panorama, citing Futpv oil union President Wills Rangel. The card, which benefits some 100,000 oil sector workers, was retro-active as of […]
Gasoline Chip Reaches 84% of Auto Park in Maracaibo
(Energy Analytics Institute, Jared Yamin, 13.May.2016) – An estimated 84 percent of Venezuela’s auto park in Maracaibo contains the special TAG gasoline chip, reported the daily Panorama, citing Infrastructure Secretary Jairo RamĂrez. “We will continue installing the chips. The idea is to reach the 100 percent mark,” said RamĂrez without […]
Táchira Petrol Stations Sell 91 Grade Gasoline for Bs. 200/Liter
(Energy Analytics Institute, Jared Yamin, 1.May.2016) – Ten gasoline stations – which form part of Venezuela’s Exclusive and Special Service stations – are selling PDVSA’s 91 grade gasoline for 200 Venezuelan bolivars per liter and diesel for 170 Venezuelan bolivars per liter, reported the daily newspaper El Carabobeño. The service […]
PDVSA Pays Interest to 2022 Bondholders
(PDVSA, 29.Apr.2016) — PDVSA announced that payment of interest was made on April 28, 2016 to all holders of PDVSA Bonds maturing 2022 with an interest rate of 6 percent, according to the preset conditions on paper issued October 2014. ***
Harvest Receives Continued Notice Listing From NYSE
(Harvest Natural Resources, Inc., 29.Apr.2016) — Harvest Natural Resources, Inc. announced that, on April 25, 2016, the New York Stock Exchange (NYSE) notified the company that it had fallen below the NYSE’s continued listing standards, which provide that an NYSE-listed company is not in compliance if its average global market […]