(Energy Analytics Institute, Pietro D. Pitts, 1.Oct.2015) – The smuggling of Venezuelan gasoline to Aruba and other countries will continue as long as a large gap between gasoline prices exists, said EnergyNomics President Carlos Rossi in an interview in Houston, Texas. “Contraband is a way to keep the military happy […]
Category: Venezuela
Venezuela energy
LatAmNRG: Heard on the Street 3Q:15
(Energy Analytics Institute, 30.Sep.2015) – Information in this section, provided by Energy Analytics Institute editors and reporters, is hearsay and thus should be treated as such. The names of our many sources have been withheld to protect their identities and family members in Venezuela. REGARDING VENEZUELA * China could ask […]
Venezuela, Saudi Arabia Joint Commission
(Energy Analytics Institute, Piero Stewart, 15.Sep.2015) – Venezuela’s Foreign Minister and Vice President of International Affairs at PDVSA, Delcy Rodríguez, accompanied by Minister of Commerce and Industry of Saudi Arabia Tawfiq bin Fouzan Alrabiah, opened the First High Level Joint Commission Venezuela-Saudi Arabia at the Antonio Jose de Sucre Casa […]
Venezuela Oil Sector Viable with $40/bbl
(Energy Analytics Institute, Piero Stewart, 15.Sep.2015) – “A $40 per barrel oil price is not a low price for Venezuela,” says Ramon Espinasa, oil economist at the Inter-American Development Bank (IDB), from Washington during an interview broadcast by Venezuelan radio station 99.9 FM. Venezuela’s oil sector is able to maintain […]
Venezuela’s Good, Bad Position
(Energy Analytics Institute, 14.Sep.2015) – In terms of decisions made by Venezuelan government, a former AVHI executive in Caracas shares his thoughts. “What is good for you is bad for everybody else, that’s not a good position for Venezuela,” EnergyNomics President Carlos Rossi tells Energy Analytics Institute in a phone […]
PDVSA Output to Likely Fall in Default Scenario
(Energy Analytics Institute, Piero Stewart, 14.Sep.2015) – In terms of a much talked about default, PDVSA would continue to function but the levels of output will likely decline due to a lack of investment and could see an increase in accidents at the company, said EnergyNomics President Carlos Rossi in […]
PDVSA Falsely Accusing Innocent Workers
(Energy Analytics Institute, Piero Stewart, 14.Sep.2015) – PDVSA is falsely accusing innocent workers of smuggling fuel, according to an oil union official. “By falsely accusing innocent PDVSA workers of smuggling diesel and gasoline, the Venezuelan government is trying to cover up the smuggling being carried out by military officials,” oil […]
Venezuela Records Quake in Sucre State
(Energy Analytics Institute, Piero Stewart, 10.Sep.2015) – A 4.5 magnitude quake was reported in Venezuela’s Sucre state (41km north of Guiria), Venezuelan Seismological Foundation (Funvisis) reported. ***
Del Pino Says Producers Must Overcome Differences
(Energy Analytics Institute, 10.Sep.2015) – “Let’s overcome our differences of opinion between OPEC and non OPEC producers to achieve consensus,” Venezuela’s oil ministry posted via twitter , citing the country’s oil minister Eulogio Del Pino. “Let’s have a discussion on fair prices, minimum prices to ensure sustainability,” said Del Pino, who […]
Venezuela Arrest Nine for Trafficking Copper, Lead
(AVN, 9.Sep.2015) – Venezuela’s public prosecutor office arrests 9 persons convicted of trafficking 15 tons of copper and lead that belonged to PDVSA. ***
Gas Treatment Plant In Triguadare Operational After Fire
(Energy Analytics Institute, Piero Stewart, 8.Sep.2015) – A gas treatment plant in the Triguadare sector of Paraguana peninsula in Falcon state is operating normally after a fire was reported there last week, reported the daily newspaper El Universal, citing Venezuela’s Gas Vice Minister José Gregorio Prieto. ***
Petrobras Pays Fine in USA
(Petrobras, 20.Aug.2015) – Regarding media reports on the payment of a fine to U.S. authorities, Petrobras states there is nothing ongoing regarding any payment of a fine to close civil and criminal investigations into the violation of anticorruption legislation in the U.S. Nor has there been any decision by U.S. […]
Ecopetrol Oks Creation of New Subsidiary
(Ecopetrol S.A., 19.Aug.2015) – The Board of Directors of Ecopetrol S.A., in its meeting held on 14.Aug.2015, authorized the creation of a Colombian company indirectly wholly owned by Ecopetrol. The creation of the new subsidiary seeks to develop offshore activities in Colombia, which the company currently carries out as operator […]
Life in a Venezuelan Oil Camp: Tío Conejo Meets Uncle Sam
(Harvard Review of Latin America, Miguel Tinker Salas, 14.Aug.2015) – I grew up in a Venezuelan oil camp. Ever since I can remember, I have heard both Spanish and English spoken all around me or conveyed through music or films. With my family, I ate traditional Venezuelan arepas, cachapas, carne […]
Fitch Affirms Corpoelec IDRs
(Fitch, 13.Aug.2015) – Fitch Ratings has affirmed Corporacion Electrica Nacional S.A.’s (CORPOELEC) local and foreign currency Issuer Default Ratings (IDRs) at ‘CCC’. ***
PDVSA’s Planned Shutdown of Cardon FCC Unit
(Energy Analytics Institute, Pietro D. Pitts, 11.Aug.2015) – The Paraguana Refining Center (CRP) will initiate a preventive shutdown of the Cardon Refinery’s Fluidized Catalytic Cracking Unit on August 13, 2015, according to a statement posted to PDVSA’s website. Mechanical work will be performed on the equipment that is part of […]
PetroDelta Generates $173.3 Mln in Revenue
(Harvest Natural Resources, Inc., 7.Aug.2015) – Harvest Natural Resources, Inc. announced second quarter 2015 earnings and provided an operational update. Harvest reported a 2Q:15 net loss of approximately $25.4 mln, or $0.60/share diluted, compared with a net loss of $1.7 mln, or $0.04/share diluted for the 2Q:14. The 2Q:15 results […]
Venezuela Eyes Gas Exports, LNG
(Energy Analytics Institute, 18.Jun.2015) – Petroleos de Venezuela SA (PDVSA) plans to boost investments in the Venezuelan natural gas sector over the next five years in order to almost double production to meet increasing domestic demand, reduce its reliance on fuel imports and eventually export excess gas volumes to generate […]
Harvest Sets CAPEX at $265 Million
(Harvest Natural Resources, Inc., 19.May.2015) – Harvest Natural Resources said that during the first quarter of 2015, Petrodelta drilled and completed four development wells and sold approximately 3.63 million barrels (MMbbls) for an average of approximately 40,377 barrels of oil per day (bo/d), a decrease of 6% over the first […]
Harvest Reports 1Q:15 Results
(Harvest Natural Resources, Inc., 19.May.2015) – Harvest Natural Resources, Inc. (HNR) reported a 1Q:15 net loss of approximately $5.6 million, or $0.13/share diluted, compared with a net loss of $8.0 million, or $0.19/share diluted, for the same period last year. The 1Q:15 results included exploration charges of $1.9 million, or […]
Wison Delivers Stick Batches to RPLC Project
(Wison Offshore & Marine Ltd., 21Apr.2015) – Wison Offshore & Marine Ltd. announced the delivery of its first batch of stick built for the key modularized components construction of the Petroleos De Venezuela, S.A.(PDVSA) Puerto La Cruz refinery project, achieving an important project milestone which demonstrated the strong capabilities of […]
Baker Hughes Announces 1Q:15 LatAm Results
(Baker Hughes Incorporated, 21.Apr.2015) – Baker Hughes Incorporated announced results for the first quarter of 2015. Latin America revenue was $493 million for the 1Q:15, down $37 million, or 7%, compared to the 1Q:14. The drop in revenue can be attributed to activity declines in the Andean area, as reflected […]
Seaway Signs Perla Gas Deal
(Seaway Heavy Lifting, 9.Apr.2015) – Seaway Heavy Lifting entered into a contract with Cardon IV in Venezuela for transportation and installation of the Perla project gas production platforms complete with tie-in of the subsea infrastructure. The Perla development consists of 3 gas production platforms connected to the shore landing near […]
Venezuelan Oil Attractive to ‘Imperial Politics’
(Energy Analytics Institute, 8.Apr.2015) – “Venezuela is attractive to imperial politics because of the size of its petroleum reserves,” Venezuela’s Electric Energy Minister Jesse Chacon said in broadcast on state television. ***
CB&I Awarded Tank Contract in Venezuela
(CB&I, 1.Apr.2015) – CB&I was awarded a contract for approximately $60 million for the engineering, procurement, fabrication and construction of storage tanks in Venezuela. “CB&I has a long history in Venezuela for providing reliable storage solutions at the highest quality,” said Luke Scorsone, President of CB&I’s Fabrication Services operating group. […]
Economist Comments on Venezuela Exchange Controls
(Energy Analytics Institute, Ian Silverman, 30.Mar.2015) – “The exchange controls don’t have an economic justification and is used only as a form of political domination,” reported the daily Quinto Día, citing Victor Alvarez. ***
Venezuela Spends $444 Mln on Electric Projects
(Energy Analytics Institute, Piero Stewart, 31.Mar.2015) – Venezuela’s electric energy sector incurred investments of $444 million and 518 million Venezuelan bolivars in 2014 on three projects in Venezuela’s western region, the country’s electric energy minister Jesse Chacón said in Caracas on January 30, 2015 during an electric sector conference at […]
Venezuela, San Cristobal and Nieves Talk Energy
(Energy Analytics Institute, Piero Stewart, 31.Mar.2015) – Venezuela’s foreign minister Delcy Rodríguez met with San Cristobal and Nieves Prime Minister Timothy Harris to discuss bilateral relations. The official also reviewed agreements signed between both countries and advances in the energy sector related to alternative energies, infrastructure, and housing. The officials […]
Venezuela, Antigua and Barbuda Discuss Energy
(Energy Analytics Institute, Jared Yamin, 31.Mar.2015) – Venezuela’s Foreign Minister Delcy Rodríguez met with Antigua and Barbuda Prime Minister Gaston Browne to discuss bilateral trade and energy matters. Antigua and Barbuda has capacity to store 1.5 million barrels of oil and refined products. ***
Court Enters Default Against Venezuela
(Gold Reserve Inc., 30.Mar.2015) – Gold Reserve Inc. reported on developments in the proceedings instituted in the U.S. District Court for the District of Columbia to confirm the $740 million arbitral award dated 22.Sep.2014 rendered against the Bolivarian Republic of Venezuela. On 27.Mar.2015, the Court entered a default against Venezuela […]
LatAmNRG: Heard on the Street 1Q:15
(Energy Analytics Institute, 30.Mar.2015) – Information in this section, provided by Energy Analytics Institute editors and reporters, is hearsay and thus should be treated as such. REGARDING COLOMBIA * A small group of Venezuelans are interested in acquiring an interest in Colombian oil company Pacific Rubiales. REGARDING VENEZUELA * To […]
EAI brief: Venezuela’s Asdrúbal Chavez comments on oil diversification
HOUSTON, TEXAS (By Energy Analytics Institute, Ian Silverman, 29.Mar.2015, Words: 50) – “PDVSA has completely diversified its oil markets, conquering spaces in Asia, India, Europe and South America, among others, and with a great presence and possibilities to grow,” reported the daily newspaper El Universal, citing Venezuela’s Oil Minister Asdrúbal […]
Commandos Attack Monagas Pumping Station
(Energy Analytics Institute, Piero Stewart, 29.Mar.2015) – PDVSA announced an armed commando group attacked its Tejero Operating Center installations located in the Punta de Mata Eastern Executive Division in Monagas. The group cut off cables that lead to the pumping station, generating a flooding at the storage tanks, which can […]
Venezuelan, Russian Oil Ministers Meet in Moscow
(Energy Analytics Institute, Jared Yamin, 26.Mar.2015) – Venezuela’s Oil Minister Asdrúbal Chávez met with his Russian counterpart Alexander Novak in Moscow. The officials discussed bilateral projects and evaluate the progress of such developments. This is the fourth meeting between both officials since December 2014, reported the daily newspaper El Universal. […]
Venezuela Seeks Disqualification of ICSID Judges
(Energy Analytics Institute, Jared Yamin, 26.Mar.2015) – Venezuela presented a letter to the ICSID court requesting the dismissal of judge Kenneth Keith. Keith is the president of the arbitration tribunal in the case brought to the court by ConocoPhillips in its wrongful expropriation case against the government of Venezuela which […]
PetroVietnam Evaluates Exit from Venezuela
(Energy Analytics Institute, Jared Yamin 25.Mar.2015) – Vietnam’s state oil company PetroVietnam is evaluating its exit from a Venezuelan heavy oil project where it is partnered with its Venezuelan counterpart PDVSA, reports Reuters, citing an official with PDVSA who requested his identity be withheld. Partners in the PetroMacareo project include: […]
Venezuela to Continue Supply USA With Oil
(Energy Analytics Institute, Piero Stewart, 20.Mar.2015) – Venezuela will continue to supply the USA with its oil. This despite a decree recently signed by US President Barrack Obama against seven military officials, reported Venezuelan state news agency AVN, citing Venezuela’s Oil Minister Asdrúbal Chávez. “We are prepared to confront whatever […]
PetroCaribe Important Instrument for Venezuela
(Energy Analytics Institute, Piero Stewart, 20.Mar.2015) – Petrocaribe is an important instrument that has allowed our Caribbean brothers to overcome their problems, reported Venezuelan state news agency AVN, citing Venezuela’s Oil Minister Asdrúbal Chávez. “Its a true integration initiative for the people that is not aimed at exploiting them, but […]
Venezuela to Defend Oil Price Strategy
(Energy Analytics Institute, Jared Yamin, 20.Mar.2015) – Venezuela plans to continue defending a strategy within OPEC that favors higher oil prices versus a strategy based on volumetric production, reported Venezuelan state new agency AVN, citing Venezuela’s Oil Minister Asdrúbal Chávez. There are around 2 million barrels of excess oil on […]
Owens-Illinois Wins Venezuelan Arbitration
(Owens-Illinois, Inc., 12.Mar.2015) – Owens-Illinois, Inc. reported that its Dutch subsidiary, OI European Group B.V. (OIEG), has prevailed in an international arbitration against Venezuela. OIEG has been awarded more than $455 million for Venezuela’s unlawful expropriation of OIEG’s majority interest in two plants in Venezuela. The award was issued March […]
Venezuela Opening Ops to Nicaragua, Caribbean
(Energy Analytics Institute, Piero Stewart, 9.Mar.2015) – “We are advancing with Nicaragua and opening up possibilities to the rest of the Caribbean,” said Venezuela’s Oil Minister Asdrubal Chavez on state television, referring to Nicaragua and other Petrocaribe member countries participating in activities in Venezuela’s Orinoco heavy oil belt or Faja. […]
Maduro Says Caribbean Must be Together
(Energy Analytics Institute, Piero Stewart, 6.Mar.2015) – Venezuela’s President Nicolas Maduro says the Caribbean region has to always be together. “Petrocaribe is our road of respect, solidarity, brotherhood, the union to march together. The Caribbean has to always be together,” said Maduro during a broadcast on Venezuelan state television. ***
Harvest Withdraws Venezuelan Arbitration Request
(Harvest Natural Resources, 29.Jan.2015) – Harvest Natural Resources, Inc. announced that its affiliates, HNR Finance B.V. (Harvest BV) and Harvest Vinccler S.C.A. (HVSCA), have withdrawn without prejudice a Request for Arbitration (the Arbitration Request) against the Government of the Bolivarian Republic of Venezuela before the International Centre for Settlement of […]
Harvest Files Arbitration Request Against Venezuela
(Harvest Natural Resources, 16.Jan.2015) – Harvest Natural Resources, Inc. announced that its affiliates, HNR Finance B.V. (Harvest BV) and Harvest Vinccler S.C.A. (HVSCA), submitted a Request for Arbitration against the Government of the Bolivarian Republic of Venezuela before the International Centre for Settlement of Investment Disputes (ICSID) regarding Harvest BV’s […]
Harvest Terminates Venezuelan Deal
(Harvest Natural Resources, 2.Jan.2015) – Harvest Natural Resources, Inc. announced that the Share Purchase Agreement (SPA) between Petroandina Resources Corporation N.V. (Petroandina), Pluspetrol Resources Corporation B.V. (Pluspetrol), Harvest and HNR Energia B.V., a wholly-owned subsidiary of Harvest, for the purchase of Harvest’s remaining interests in Venezuela for a purchase price […]
Venezuela Sees US shale Boom As Bonus
(Reuters, Dmitry Zhdannikov, 16.Jun.2014) — Venezuela wants to increase oil supplies to the United States to regain some of the market share it lost over the past decade as Caracas sees the U.S. boom in light oil from shale as a chance to raise heavy-crude exports, the country’s oil minister […]
Fact Sheet: Harvest Natural Resources And PetroDelta
(Harvest Natural Resources, 1.Jan.2014) — Venezuela is the largest province of proved oil reserves in the Western Hemisphere, with 297.6 billion barrels of proved oil reserves at year-end 2011 (the most recent year for which data is available). Petrodelta, our 32% equity affiliate in Venezuela, controls approximately 247,113 gross acres […]
PDVSA Incorporates New Tankers into Fleet
(Energy Analytics Institute, Ian Silverman, 25.Oct.2013) – PDVSA President Rafael Ramirez speaks to reporters in Puerto la Cruz, Venezuela about introduction of news tankers into fleet. Highlights of the discussion follow: PDVSA incorporates VLCC Ayacucho and Suezmax Rio Arauca tankers, both built in China, into its fleet. The new PDVSA […]
Ramirez Moving Forward with Energy Policy
(Energy Analytics Institute, Ian Silverman, 10.Oct.2013) – Venezuelan President Nicolas Maduro seems to be allowing Oil Minister Rafael Ramirez to take charge of moving forward with the country’s energy policy, which could be a good move since investor may have more confidence in Ramirez or it could be a bad […]
1St Venezuela-India Round-table in Caracas
(Energy Analytics Institute, Ian Silverman, 7.Oct.2013) – The 1st Business Round-table meetings between Venezuelan and Indian companies took place in Caracas from October 7-9, 2013. Highlights from the round-table follow: Venezuelan Oil Minister Rafael Ramirez addressed opening ceremony: Venezuelan-India create working tables to collaborate on development of the six topics/areas: […]