PDVSA’s Del Pino Backs Constituent

(Energy Analytics Institute, Ian Silverman, 23.May.2017) – PDVSA President Eulogio Del Pino announced that he fully backs Venezuelan President Nicolás Maduro in the Constituent Assembly process to defeat what he described as violence brought about by the right-wing political groups, reported PDVSA, citing the president of the state oil company.

“They send paramilitaries to attack our distribution units and services stations to later say there is no fuel and generate false opinions about supply,” said Del Pino.


PDVSA Says Oil Spill Clean-up Advances

(Energy Analytics Institute, Piero Stewart, 20.May.2017) – PDVSA announced that clean-up activities continue along the Venezuelan coast off Sucre state, related to the spill of crude oil at the Pointe-à-Pierre refinery in Trinidad and Tobago, reported the state oil co. in an official statement.

After reviewing clean-up activities along the Paria Peninsula, PDVSA President Eulogio Del Pino announced Venezuela had removed 80% of the spill fuel.

“We flew over Cocal, Pata, and Puerto Hierro beaches as well as Pato Island and observed that the clean-up process is above 80%,” said Del Pino. “The remaining impact is minimum.” We have removed 80% of the fuel from the spill that had reached La Caracola beach in Margarita Island, said Del Pino. Oil also reached Los Roques; however, the impact was minimum, PDVSA reported.

PDVSA is awaiting a visit from Petrotrin to discuss the oil spill. “Petrotrin [officials] will visit all the affected areas,” said Del Pino.


PDVSA and Schlumberger Discuss Business Relations

(PDVSA, 22.Feb.2017) – On February 21, 2017, Schlumberger CEO Paal Kibsgaard, visited the headquarters of Petróleos 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 on the existing portfolio and the future that brings together both companies.

It is important for Schlumberger to strengthen its activities in Venezuela; they are working on models to cover the needs of both companies, while at the same time creating new jobs thus increasing the efficiency of operations for PDVSA, said Kibsgaard.

Del Pino expressed satisfaction with the discussion of projects and proposals made by Schlumberger. This is an ideal time for the industry to come up with creative solutions to bring about necessary investment for the benefit of both companies and the stability of the oil market, he said.


Venezuela Advances with PLC Conversion Project

(PDVSA, 14.Feb.2017) – Members of the China-Venezuela High Level Joint Commission toured the facilities of the Puerto La Cruz Refinery in Anzoátegui 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 Chávez Orinoco Oil Belt.

For the president of PDVSA, Eulogio Del Pino, investment continues in Venezuela and is making headway.

“This is the largest engineering project being done in the Americas. It is in the order of $10.5 billion, with HDH Plus® Venezuelan technology made by Intevep, the research and development center of the oil industry,” Del Pino said.

Approximately 210,000 barrels per day (mb/d) of heavy and extra heavy crude oil will be processed through Puerto La Cruz Refinery’s deep conversion project, with international financing. The project is expected to be completed by the end of next year.

It will change the refinery’s current light crude diet to include heavy and extra heavy crude oil from the Hugo Chávez Orinoco Oil Belt, also known as the Faja, and will generate world quality end products.

For the development of this project 850 families that lived around the complex’s expansion area were relocated and received homes through the Great Housing Mission Venezuela, said Del Pino.

PDVSA Vice President of Planning and External Director Ricardo Menéndez, together with the Chinese ambassador to Venezuela Zhao Bentang, and the Vice Chairman of the National Development and Reform Commission Ning Jizhe also participated in the inspection of the works.

“This project is strategic for the development of our country, reflecting the vision of the Eternal Commander Hugo Chávez to use the Orinoco Oil Belt as the main reserve for the future of the country. President Nicolás Maduro has continued this legacy,” said Menéndez.

The Chinese ambassador to Venezuela spoke about the vision of development that both countries have supported. “We have made a number of agreements that have expanded and deepened cooperation in all areas. Today, I join the working commissions to seek more opportunities for future cooperation. I am convinced that this relationship will contribute to the development of our peoples,” he said.

Through the China-Venezuela High Level Joint Commission, social, cultural and academic projects have been supported such as the Great Housing Mission Venezuela, Barrio Nuevo-Barrio Tricolor, and the Confucius Center which strengthen the relationship between both countries.

According to Menéndez, these international investments show that “they believe in Venezuela, they believe in our country and only the revolution can deal with situations and lead us into the future.”


Venezuela, China Hold High Level Commission

(PDVSA, 13.Feb.2017) – The 15th China-Venezuela High Level Joint Commission took place at the José Félix 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 Commission was chaired by Venezuela’s Vice President of Planning Ricardo Menéndez, accompanied by the country’s Oil Minister Nelson Martínez, PDVSA President Eulogio Del Pino, the Economic Vice President Ramón Lobo, the Communes Minister Aristóbulo Istúriz, the Vice President of the National Development and Reform Commission of China Ning Jizhe and representatives of Chinese companies.

The Commission will review issues related to mining, investment of Chinese companies in Venezuela and mechanisms to strengthen the process of domestic industrialization while at the same time addressing critical issues of the Venezuelan economy, said Menéndez.

“This High Level Joint Commission aspires to take a fundamental leap forward with the issue of production lines and placing China’s surplus capacity in Venezuela as a new stage from the point of view of the relationship between our countries,” Menéndez said.

With regard to investment, Menéndez said that new construction and cargo transportation companies will be set up in Venezuela, and announced the signing of new production agreements for the factories set up by both nations as well as the visit to flagship projects in oil fields.

“The strengthening of the national industry will be reflected in the production lines and development capacities of the 15 economic drivers of the Bolivarian Economic Agenda, created by the President of the Republic Nicolás Maduro to boost the economy of the country,” said Menéndez.


Maduro Announces Shakeup to PDVSA Board

(Energy Analytics Institute, Pietro D. Pitts, 29.Jan.2017) – 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.

PDVSA’s President Eulogio Del Pino was restated to head the company and will preside over the board, reported PDVSA in an official statement, citing comments made by Maduro during his Sunday program that took place in the Ciudad Guayana in Bolivar state.

The board of PDVSA, as the Caracas-based company is known, is comprised of the following members: Maribel Parra, the new Executive Vice President; Nelson Ferrer, the new Exploration & Production Vice President; Guillermo Blanco Acosta, the new Refining Vice President; Simón Zerpa, the new Finance Vice President; Delcy Eloína Rodríguez, who maintains her post as Vice President of International Affairs; Ismel Serrano, the new Commerce and Supply Vice President; Marianni Gómez, the new head over Planning and Engineering; and César Triana, new Director of PDVSA Gas.

Maduro also announced new external directors Yurbis Gómez and Ricardo León would be the spokespersons for the oil sector workers and said that Rodolfo Marco Torres, Ricardo Menéndez and Wills Rangel would retain their existing posts.


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 gas interconnection from the Dragon Field in northeastern Venezuela.

This agreement will boost gas production and exports, as Venezuela continues with its policy of strategic alliances. Through this partnership, one or more gas pipelines will be built from the Mariscal Sucre area in Venezuela to Trinidad and Tobago.

The interconnection to export gas will be established from the Venezuelan Dragon Field to the Hibiscus platform in Trinidad and Tobago. Another potential route will be evaluated from Güiria, in Sucre state, to Point Lisas in Trinidad.

Decade for energy integration

For President Nicolás Maduro, this strategic alliance makes a reality a decade of Latin American and Caribbean integration.

“We are working on our maritime borders with blocks of gas. We have reached agreements for their joint exploitation, taking advantage of the strengths of both nations for a win-win. This is what we call Bolivarian Peace Diplomacy. Through a dialogue we seek to develop common interests,” Maduro said.

He asked Minister Del Pino to accelerate implementation and investment on these projects.

Historic development

Prime Minister Rowley described the signing of the agreement as a historic development that will improve relations between the two nations.

“Today’s development marks a commitment to develop face to face, holding onto opportunities that are beneficial to the people of Venezuela, to the people of Trinidad and Tobago and the wider Caribbean,” Rowley said.

The prime minister believes the agreement will open opportunities for various “significant and necessary commercial developments in the hydrocarbons sector.”


“These units of commerce open doors towards a staircase upon which Trinidad and Tobago can walk confidently into the international marketplace…We look forward to climbing these stairs, side by side with Venezuela as we enjoy the benefits of our petro Caribbean basin,” concluded Rowley.


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.

“We are producing 600 million cubic feet per day of natural gas, sufficient to export and satisfy domestic needs,” said Del Pino, who also serves as the president of the state oil company PDVSA.


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 José Vicente Hoy, which is produced by Televen.

“These days they are saying our production is falling. These are figures that are completely irresponsible and that relate to an attack that is also financial because what they do is disqualify us financially,” said Del Pino, referring to articles and other media reports about Venezuela’s oil production figures and other key economic data such as inflation, gross domestic product, produce scarcity and international reserves, among others.


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 and petrochemical sector workers in Caracas to show their support for the president as he faces continued pressures from abroad about a recall referendum that could potentially remove him from office.

Venezuela isn’t tied to any dogma of reducing production, said the country’s Oil and Mining Minister Eulogio Del Pino during the rally. “We are seeking new plans that will take us to balanced pricing, which justifies the sustainability of investments.”


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 Eulogio Del Pino. “In Lake Maracaibo we will also arrive at an agreement for a different type of operation,” he said without providing details.

Schlumberger has reduced operations in some areas while boosting them in others, said Del Pino, referring to news that the oil service giant had completely halted its operations in Venezuela.

In 2013, Schlumberger announced it had established a $1 billion credit line with Venezuela.


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 Petróleos de Venezuela, S.A. (PDVSA) and CITGO Aruba, gathered in Caracas, Venezuela to take part in the execution of a commercial agreement between CITGO Aruba and the Aruban government to reopen a 209,000 barrel per day refinery located in San Nicolas, Aruba.

Officials in attendance at the gathering included: Venezuela’s President Nicolás Maduro, Venezuela’s Oil Minister Eulogio del Pino, Aruba’s Primer Minister Mike Eman; Aruba’s Economy, Communication, Energy and Environment Minister Mike de Meza, and CITGO Petroleum Corporation President and CEO Nelson P. Martínez, reported CITGO in an official statement on its website.

Following several months of negotiations, officials from the Aruban government and CITGO Aruba, announced plans to reactivate operations — which had been idled since 2012 — through a refining facilities 15-year lease agreement, with a 10-year extension option. CITGO Aruba, a group of operating companies under PDV Holding (a PDVSA subsidiary), will operate the facility with CITGO providing services to the group.

“This project will transform the refinery into an upgrader for Venezuelan extra-heavy crude within 18 months to two years. This process — which will require an investment ranging from $450 million to $650 million, to be obtained from external financing sources — can be compared to a large turnaround. This is an area in which CITGO is well positioned to provide technical expertise and services,” Martínez said, adding that with these changes, the refinery would become a successful economic venture for all parties.

“This has been a very well thought-out process which involved the participation of the best available technical consultants from CITGO and PDVSA, as well as the input of several leading international refining industry consulting firms, such as KBC Advanced Technologies, KBR of Venezuela and Aruba continue to evaluate the possible construction of a natural gas pipeline that would link the two countries which are just 17 miles apart …

Germany and others that assessed the project’s technical and financial viability,” Martínez added.

Once the adaptation process has concluded, the facility will upgrade extra-heavy crude from the Venezuela’s Orinoco Heavy Oil Belt or Faja, transforming it into intermediate crude, which in turn will be sent on to the CITGO refining network in the United States of America for further processing, Martínez explained. At the same time, naphtha will be sold to PDVSA for use as diluent for its extra-heavy crude.

A complementary project under consideration would allow the utilization of excess natural gas available in the Paraguaná region of Venezuela. Besides the significant energy cost savings in operations that this would generate, using natural gas would substantially reduce refinery emissions and contribute to environmental protection efforts in the region, the CITGO CEO said, adding that the construction of a gas pipeline linking the coasts of Venezuela and Aruba, which are just 17 miles apart, is being evaluated towards this end.

“This is a very strong project from both the technical and financial perspective. It is a strategic partnership that will benefit CITGO Aruba, PDVSA, Venezuela and Aruba through operations that reduce costs in terms of transportation, energy and storage needs, fully utilize existing infrastructure and maximize the benefit of extra-heavy crude oil production from the Orinoco Oil Belt, the largest oil reservoir in the world,” Martínez concluded.


Venezuela Proposes Production Band Again to OPEC

(Energy Analytics Institute, Jared Yamin, 2.Jun.2016) — Venezuela again proposed establishment of a production band during the 169th OPEC meeting in Vienna.

The band system consists of minimum and maximum production levels for each country, which will allow the organization to balance the market when certain countries have problems and have lower production and others are at the other extreme, reported PDVSA in an official statement on its website, citing PDVSA President and Venezuela’s Oil Minister Eulogio Del Pino.


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 Caribbean – is that we will establish a network, just like and how President Chávez visualized the Great South American Gas Pipeline,” said Del Pino.

It is possible that PetroCaribe members will need to increase their participation in the project, added Del Pino, without providing financial or operational details.


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 country while Venezuela’s Oil Minister Eulogio Del Pino signed on behalf of Venezuela, reported PDVSA in an official statement on its website.

The first agreement relates to a Functional and Governability Structure for the Loran-Manatee maritime gas field, including evaluation, development, exploitation, production and disposition of hydrocarbons.

The second agreement relates to a Memorandum of Understanding (MOU) between both countries revolved around technical and commercial studies related to the supply of Venezuelan natural gas located in the north and south eastern offshore platform regions of the OPEC member country to its Caribbean neighbor Trinidad and Tobago. The MOU also includes details related to the evaluation of a development feasibility study related to the interconnection of gas between Venezuela and Trinidad and Tobago.

During the meeting, Maduro also announced creation of a $50 million credit fund that would allow Venezuela to acquire foodstuff from Trinidad and Tobago.

Venezuela – the OPEC member country with the world’s largest crude oil and eighth largest natural gas reserves, according to the BP Statistical Review of World Energy – continues to reel in an economic crisis brought about by currency and price controls, widespread corruption and mismanagement of resources generated by its oil sector which produces 95 percent of the country’s dollar export earnings.

Besides bilateral issues, the countries also discussed matters related to drug and security issues, among others.


Venezuela Turns to Gold Rush to Prevent Economic Collapse

(Energy Analytics Institute, Piero Stewart, 1.Apr.2016) – Venezuela plans to immediately focus efforts on the exploitation and export of its massive gold resources located in Bolivar state in an attempt to avoid a financial default on its international obligations later this year.

Resource-rich Venezuela’s Bolivar state contains gold reserves of nearly 7 million tons worth an estimated $280 billion, reported the country’s Oil and Mining Ministry in a statement on its website, citing ministry head Eulogio Del Pino.

Plans to produce 20,000 tons per year of gold in 2016-2017 and eventually 100,000 tons per year thereafter will allow Venezuela to diversify its foreign income base and reduce its dependency of the oil rentier model, said Del Pino.

“The only thing they are exporting is corruption,” said Venezuelan National Assembly congressman, Américo De Grazia in an interview with Energy Analytics Institute in Caracas.


OPEC Must Be Stronger on Geopolitical Front

(Energy Analytics Institute, Pietro D. Pitts, 8.Oct.2015) – “OPEC should convert itself into a stronger actor in geopolitical, geo-economics, and social areas as well in the permanent search for peace,” PDVSA radio reports in a weekly broadcast, citing Venezuela’s energy minister and PDVSA President Eulogio Del Pino.

OPEC has had a fundamental role for the planet in the last 55 years and should strive to guarantee sustainable stability of energy resources that humanity needs, said Del Pino.

“OPEC is still under permanent attacks from world powers due to its role to promote the sovereign use of energy resources,” said Del Pino.


Venezuela to Start Mariscal Sucre Project by YE:15

(Energy Analytics Institute, Pietro D. Pitts, 1.Oct.2015) – Venezuela will soon start offshore gas production at the Mariscal Sucre project.

Production from Cardon IV block is currently at 300 million cubic feet per day (MMcf/d) and expected to reach 450 MMcf/d shortly, said PDVSA President Eulogio Del Pino during a conference in Cumana.

Spain’s Repsol and Italy’s Eni hold a 50:50 interest in the Cardon IV project. PDVSA has yet to exercise its option to back into the project.


Energy Should Be Key Integration Driver

(PDVSA, 10.Sept.2015) – The World Energy Council (WEC) and the Union of South American Nations (UNASUR), with the support of the Ministry of Electricity and Renewable Energy (MEER) of Ecuador, hosted the South American Energy Council (CES) at the headquarters of UNASUR in the city of Quito

The Fifth Meeting of the South American Energy Council of UNASUR (CES) began in Ecuador. It was chaired by Venezuela’s Oil Minister and PDVSA President Eulogio Del Pino, together with the ministers of energy, oil and related sectors from Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, and Uruguay.

They sought to strengthen regional integration through the exchange of knowledge and experiences while meeting the challenges beyond the borders of each country.

“It is an open space to debate the needs and hopes of the Latin American energy market. Energy should be the key driver for integration,” said Del Pino during the opening of CES.

The Venezuelan minister also said that they should introduce “concrete proposals to carry integration forward, to go from rhetoric to specific projects.” The Council is working on a South American Energy Treaty.

Del Pino said that “the region plays a key role. We should not be afraid of a South American energy market. We should find where the deficit is, the surplus, and find how we can complement each other. We need to go back to the South American Energy Treaty.”

The structure of that treaty was approved at the Second Meeting of the Council held in Quito on 25.Mar.2010.

During the opening of the event, they highlighted the value of South America’s natural resources, particularly, the large oil and gas reservoirs, as well as the great hydropower potential, mineral riches and bioenergy.

“This is a historical time of transition from conventional energy to clean energy. We have made proposals to OPEC to balance the energy market and the oil supply,” said Del Pino. “We need to commit ourselves to bring stability not only to consumer countries but to developing countries.”

The meeting reflects the regional integration policy promoted by Commander Chavez. He aided the creation of CES on 17.Dec.2007 with the “Building the Energy Integration of the South” declaration, on Margarita Island, Venezuela.


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 also serves as the president of PDVSA.

“We in South America play a key role in integration.”