Tag: Caracas
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 […]
President Moise Wants Full Transparency in PetroCaribe Probe
(CMC, 19.Sep.2018) — President Jovenel Moise has called on newly installed Prime Minister Jean-Henry CĂ©ant 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- CĂ©ant (and) to the nation, and […]
Crystallex Court Win Against Venezuela Aided by Finding
(Reuters, Brian Ellsworth, 10.Aug.2018) – Crystallex’s victory in a legal battle with Venezuela that paves the way for it to collect a $1.4 billion award hinged on a finding that state oil company PDVSA is not separate from the Venezuelan government, court documents showed on Friday. The U.S. District Court […]
Venezuelan Capital Hit by 80% Power Cut
(AFP, 3.Aug.2018) – A power failure cut electricity to 80 per cent of the Venezuelan capital Caracas Tuesday, provoking transport and communications chaos, authorities said. Electricity Minister Luis Motta said the Government was “working on restoring the service”. The power outage sparked traffic jams in the capital where both the […]
The Caracas Metro: Still Standing For Now
(Energy Analytics Institute, Piero Stewart, 11.Jul.2018) – The subway system serving the Venezuelan capital is on the verge of collapse due to lackluster maintenance amid ongoing economic, political and humanitarian crises. Daily occurrences now include but are not limited to: armed robberies, shootings, petty thefts, fights, and of course power […]
Venezuela Says 23,319 Wells Have 1.4 MMb/d Recovery Potential
(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) – Venezuela’s Oil Minister Manuel Quevedo says the state oil company has identified 23,319 wells which have potential to recover Venezuela’s oil production by 1.426 million barrels per day (MMb/d). Quevedo, who also serves as the president of PDVSA, made the announcement in La […]
Oil Price Collapse to Affect Venezuela Cash Flow
(Energy Analytics Institute, Pietro D. Pitts, 1.Oct.2015) – Due to the fall in oil prices, all of the oil companies and governments have experienced a strong negative impact to their cash flow. As such, the investment capacity of all the actors has declined enormously and a lot of large projects […]