(Energy Analytics Institute, 5.Oct.2020) — Venezuela plans to initiate activities at 1,571 petrol stations across the country starting 5 October 2020 as part of a plan to normalize fuel distribution and marketing. All petrol stations must be active and able to supply fuel including stations with international prices, announced state […]
Tag: PDVSA
Reliance Buys Canadian Oil To Offset Venezuelan Oil
(Reuters, 1.Oct.2020) — Reliance Industries has agreed to purchase 2 million barrels of Canadian heavy crude per month, three industry sources said, as a substitute for dwindling Venezuelan supply. The deal, large for Canada, shows how global buyers are scrambling for new sources of heavy oil. Venezuela’s production has collapsed […]
Citgo Board Chairwoman Luisa Palacios To Step Down
(Citgo, 29.Sep.2020) — Citgo Petroleum chairwoman Luisa Palacios says she’ll step down from her position next month. Her letter follows: Dear CITGO community, When I agreed to assume the role of Chairwoman of CITGO in early 2019, the situation required us to focus our attention on three critical goals: to […]
First Iranian Tanker Enters Venezuelan Waters
(Reuters, 28.Sep.2020) — The first of a group of three tankers carrying Iranian fuel for gasoline-starved Venezuela entered the waters of the South American nation on Monday, according to Refinitiv Eikon data, in the most recent sign of the countries’ expanding trade. The two OPEC members have increased cooperation this […]
US Pressed For Firm Stance In Venezuelan Bond Case
(Law360, 25.Sep.2020) — A New York federal judge on Friday grilled a lawyer representing the U.S. government on whether she should defer to Venezuelan’s denunciation of the some $1.68 billion in bonds, even as she acknowledged later that it would be a “very harsh result” to deny the bondholders what […]
Venezuela Producing 345,000 B/D: Oil Official Freites Says
(Energy Analytics Institute, 23.Sep.2020) — Crude oil production in Venezuela, home to arguably the world’s largest oil reserves, has fallen to around 345,000 barrels per day (b/d), according to comments from oil union official Ivan R. Freites. Venezuela’s production is down from around 3.3 million barrels per day (MMb/d) in […]
Elliott Abrams Briefing On Iran And Venezuela
(US Department of State, 16.Sep.2020) — Special teleconference briefing with special representative for Iran and Venezuela Elliott Abrams on developments in Iran and Venezuela. MS ORTAGUS: Thank you so much and good afternoon, everybody. I know we’re having this call right after we did the press conference with the Secretary […]
PDVSA prepares to boost oil blending with condensates
(Reuters, 15.Sep.2020, Words: 492) — Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region, the Orinoco Belt, according to sources and a company document. U.S. sanctions imposed since 2019 have deprived PDVSA […]
Venezuela’s PDVSA looks to lift oil blending
(Reuters, 15.Sep.2020, Words: 492) — Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region, the Orinoco Belt, according to sources and a company document. U.S. sanctions imposed since 2019 have deprived PDVSA […]
Attack On Venezuela Refineries A Playbook US Regime Change Scenario
(Sputnik, 14.Sep.2020) — In the last two years, Venezuela has thwarted a coup attempt organised by opposition leader Juan Guaido, one attempt to kidnap President Nicolas Maduro, and energy outages reportedly caused by sabotage. These events were linked by Caracas directly or indirectly to the US, which has been seeking […]
Venezuela Defies Sanction Tripwires, Imports Oil
(Bloomberg, 13.Sep.2020) — An oil tanker is discharging Iranian condensate for Venezuela as both countries continue to avoid U.S. sanction tripwires. The ship, identified as Honey, turned off its satellite signal and started unloading about 2 million barrels of South Pars condensate at Venezuela’s state-controlled port of Jose on Saturday, […]
Venezuela Tears Apart Oil Pipelines To Sell As Scrap
(Bloomberg, 11.Sep.2020) — Venezuela’s capacity to produce some much-needed gasoline and diesel of its own hinges on a single oil play. To tap it, the Nicolas Maduro regime is willing to cannibalize the country’s crumbling energy infrastructure to pay contractors with scrap metal. Unlike the tar-like crude from Venezuela’s Orinoco […]
Venezuela Captures Suspected US Spy Near CRP
(Energy Analytics Institute, 11.Sep.2020) — Venezuela captured an alleged American spy near its Amuay refinery located in FalcĂłn state. “We have captured an American in FalcĂłn, spying on the Amuay and CardĂłn refineries,” state oil company PetrĂłleos de Venezuela SA (PDVSA) announced 11 September 2020 in an official statement, citing […]
Venezuela Oil Collapse Stops Gas Smuggling In Colombia
(Wbur, 9.Sep.2020) — The economic hardship in Venezuela has been a huge burden for neighboring Colombia. Finally, a silver lining: the collapse of Venezuela’s oil industry has stopped gas smuggling into Colombia. NPR’s John Otis reports here. __________
PdV Ad Hoc Chairman Joins Opposition Flight
(Argus, 9.Sep.2020) — The chairman of the Venezuelan opposition’s “ad hoc” board of national oil company PdV has joined a flight of exiled technocrats from the ranks of a struggling US-backed parallel administration led by Juan Guaido. Luis Pacheco, who was named in April 2019, has focused his board efforts […]
Rafael Ramirez: Venezuela Can Fix Its Own Oil Industry
(Argus, 8.Sep.2020) — Rafael Ramirez served as Venezuela’s oil minister from 2002-2013 and concurrent chief executive of state-owned PdV from 2004-2013, a tumultuous period marked by an oil strike and nationalizations under the late president Hugo Chavez. In this interview, edited for length and clarity, Ramirez, now in exile in […]
What Oil Spill In Venezuela Tells Us About Its Politics
(Javier Corrales, 7.Sep.2020) — The largest oil reserves and one of the world’s most incompetent governments have brought authoritarianism, economic collapse and environmental disaster to the country. It has been a tough summer for Venezuela. The already ailing country, in the throes of a severe lockdown, is also experiencing a […]
Iranian Shipments Of Oil To Venezuela
(Dryad Global, 7.Sep.2020) — Reporting from TankerTrackers.com indicates that three Iranian tankers have departed Iran, with a suggested routing to Venezuela, via the Suez Canal. The three vessels in question are: – FOREST (IMO: 9283760), Iranian-flagged oil and chemical tanker.– FAXON (IMO: 9283758), Iranian-flagged oil and chemical tanker.– FORTUNE (IMO: […]
PDVSA Says Nabarima No Threat To Ecosystem
(Energy Analytics Institute, 5.Sep.2020) — Venezuela’s state oil company Petroleos de Venezuela (PDVSA) says the Nabarima floating crude storage unit located off the country’s Gulf of Paria doesn’t “constitute in any way any threat to the ecosystem of the area.” In this regard, PDVSA also said on 5 September 2020 […]
Maduro Assigns Oil Sector Workers Three Special Tasks
(Energy Analytics Institute, 3.Sep.2020) — Venezuela’s President Nicolas Maduro announced three areas of focus for petroleum sector workers as well as others working directly within the state oil giant Petroleos de Venezuela (PDVSA). “I have ordered the AlĂ RodrĂguez Araque Presidential Commission and PDVSA workers [focus] on three tasks: the […]
Damaged Venezuelan Oil Tanker Drawing Concern
(AP, 2.Sep.2020) — The sight of a huge oil tanker that has taken on water and is leaning to one side off a remote stretch of Venezuela’s coast has triggered international calls for action. After years of neglect, the FSO Nabarima, a rusting hulk full of thick crude, is in […]
PDVSA, Eni Weigh Options To Transfer Idled Oil
(Reuters, 2.Sep.2020) — Venezuelan state oil company PDVSA and Italy’s Eni are looking at options to safely offload crude from a floating storage facility on Venezuela’s eastern coast that has remained idle for over a year due to U.S. sanctions, according to sources close to the discussions. The companies suspended […]
Venezuela Faces Possibility Oil Output Drops To Zero
(Oilprice.com, 1.Sep.2020) — Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse which saw the oil rich country become one of the poorest in South America. There are emerging signs that Venezuela […]
US’ Abrams Eyes Tighter Sanctions On Venezuela
(Reuters, 31.Aug.2020) — The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to receive crude oil from the OPEC member. U.S. President Donald Trump has […]
US Targets Websites Tied To Iran-Venezuela Oil Deal
(Al-Monitor, 31.Aug.2020) — The seizure follows the US interception of fuel tankers from Iran en route to Venezuela this month amid increased US pressure on both countries. The US government announced today that it had seized three websites used by Iran to facilitate oil deals with Venezuela. The decision follows […]
Citgo Updates On Lake Charles Refinery After Laura
(Energy Analytics Institute, 28.Aug.2020) — Houston-based refiner Citgo Petroleum released initial details regarding its Lake Charles Refinery and the impact on its operations after the passing of Hurricane Laura. __________ By Jared Yamin. © Energy Analytics Institute (EAI). All Rights Reserved.
Faulty Heat Exchangers Spill Venezuelan Oil
(Argus, 26.Aug.2020) — An estimated 25,000 bl of oil spilled along western Venezuela’s coastline in recent weeks came from faulty heat exchangers at state-owned PdV’s El Palito refinery, three officials at the plant told Argus. Heat exchanger systems that use seawater as coolant for crude processing units were contaminated with […]
Russia Is Winning The Battle For Venezuela’s Oil
(Oilprice.com, 24.Aug.2020) — In just over a year Venezuela, and the push to oust socialist leader President Nicolas Maduro, has gone from being one of the world’s hottest news headlines to obscurity. The popularity of Venezuelan opposition leader Juan GuaidĂł is waning. As the December 2020 election date for Venezuela’s […]
How Venezuela’s Oil Industry Collapsed: FT.com
(FT.com, 23.Aug.2020) — The country’s oil industry was once the envy of the region, but after decades of mismanagement and corruption the sector is facing ruin. The FT’s Andean correspondent Gideon Long asks what went wrong. Watch his video here. __________
Maduro Thanks Iran For Help Overcoming Sanctions
(Reuters, 23.Aug.2020) — Venezuelan President Nicolas Maduro on Sunday thanked ally Iran for helping the South American country overcome U.S. sanctions on its oil industry and floated the idea of purchasing missiles from the country. Washington maintains strict sanctions against Iran’s oil industry to try to halt the country’s nuclear […]
Venezuela Coast Could Take 50 Years To Recover
(Reuters, 19.Aug.2020) — A strip of Venezuela’s western coastline boasting pristine beaches and fragile ecosystems like mangroves and coral reefs could take more than half a century to fully recover from the environmental impacts of a recent oil spill, a researcher said on Wednesday. The country’s opposition-controlled National Assembly last […]
Petrobras Comments On Petros Plan
(Petrobras, 19.Aug.2020) — Petrobras, following up to the announcement made on 10 March 2020, said the cash contribution of R$ 2.05 billion to be paid to the Petrobras Social Security Foundation (Petros) was renegotiated due to the macroeconomic scenario and the guidance provided by the Secretariat for Coordination and Governance […]
US Eyes October To End Exemptions On Venezuela
(Reuters, 19.Aug.2020) — The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer’s oil, two sources said, as Washington seeks to raise the heat on President Nicolas Maduro. U.S. President Donald Trump has […]
Curacao Fuel Sale Touches Venezuela Sanctions Nerve
(Argus, 18.Aug.2020) — A fuel oil cargo stuck off of the Dutch Caribbean island of Curacao is about to be released to an unnamed buyer in a closely monitored transaction that highlights maritime sensitivity to US sanctions on Venezuela. The Liberia-flagged Panamax Promoter loaded the cargo early this month at […]
Houston Refiner Citgo Reports 2Q:20 Results
(Citgo, 17.Aug.2020) — Citgo Petroleum Corporation reported a net loss of $5 million for the second quarter of 2020, which includes the benefit from the reversal of a previously recorded lower of cost or market (LCM) inventory adjustment discussed further below. During the same period, Citgo reported EBITDA of $203 […]
US Seizes 4 Iranian Tankers Destined For Venezuela
(US Dept. of Justice, 14.Aug.2020) — The Justice Department today announced the successful disruption of a multimillion dollar fuel shipment by the Islamic Revolutionary Guard Corps (IRGC), a designated foreign terrorist organization, that was bound for Venezuela. These actions represent the government’s largest-ever seizure of fuel shipments from Iran. On […]
US Seizes Iranian Vessels Heading For Venezuela
(Aljazeera, 14.Aug.2020) — American officials tell AP Trump administration seized cargo of four tankers transporting Iranian fuel to Venezuela. The United States seized the cargo of four tankers for transporting Iranian fuel to Venezuela as it steps up its campaign of maximum pressure against the two heavily sanctioned allies, news […]
Quality Issues Add Delays To Venezuela’s Oil Exports
(Reuters, 13.Aug.2020) — Crude exports from Venezuela are facing growing delays due to excess water and other impurities in cargoes loaded at state-run PDVSA’s main terminal, according to internal company documents seen by Reuters, as U.S. sanctions worsen disruptions to the oil industry. In recent years, PDVSA has been forced […]
Officials: US Seizes Iranian Oil Heading For Venezuela
(AP, 13.Aug.2020) — The Trump administration has seized the cargo of four tankers it was targeting for transporting Iranian fuel to Venezuela, U.S. officials said Thursday, as it steps up its campaign of maximum pressure against the two heavily sanctioned allies. Last month, federal prosecutors in Washington filed a civil […]
Venezuela Is Boosting Oil Exports As Output Plummets
(Bloomberg, 13.Aug.2020) — Exports of crude oil, the commodity that bankrolls the regime of President Nicolas Maduro, are set to reach a four-month high of at least 325,000 barrels a day in August, largely because of diesel-for-crude swaps that up until now have been exempt from U.S. sanctions. At the […]
PDVSA Takes Another Stab At Replenishing Gasoline
(Argus, 12.Aug.2020) — Venezuelan state-owned PdV plans to restart gasoline production in 10-15 days at its 940,000 b/d CRP refining complex after restarting two crude distillation units yesterday, according to PdV officials and an internal operations report seen by Argus. The CRP is currently processing up to 135,000 b/d of […]
Oil Spill In Venezuela Stains Caribbean Beaches
(AP, 12.Aug.2020) — An oil spill in Venezuela has coated a stretch of the crisis-wracked nation’s Caribbean coastline, treasured for its white sand beaches, clusters of small islands and wildlife. Fisherman and locals living around Morrocoy National Park began reporting oil washing ashore last week and it has coated roughly […]
Venezuela Oil Spill Reaches Morrocoy Beaches
(Energy Analytics Institute, 11.Aug.2020) — An oil spill said to have occurred at El Palito refinery, owned and operated by Venezuela’s state oil company Petroleos de Venezuela (PDVSA), has reportedly reached the once pristine beaches of Morrocoy. PDVSA has yet to release a statement regarding the incident. RELATED STORY: El […]
PDVSA Changes Deals To Add Shipping Amid Sanctions
(Reuters, 7.Aug.2020) — Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled to hire vessels to carry the country’s oil due to U.S. sanctions, according to company documents seen by Reuters. The […]
US Charges Ex-Citgo Exec In Bribery Probe
(Reuters, 6.Aug.2020) — U.S. prosecutors charged a former Citgo Petroleum manager with accepting $2.5 million as part of a scheme to bribe officials with the U.S. refiner and its Venezuelan parent to win business contracts. Jose Luis De Jongh Atencio, 48, was indicted by a federal grand jury last month […]
Venezuela’s July Oil Shipments Below 400 Mb/d
(Reuters, 3.Aug.2020) — Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales, according to Refinitiv Eikon and internal data from the state-run company. Washington has ramped up pressure this year on PDVSA’s […]
Aruba Receives Refinery, Development Proposals
(Argus, 31.Jul.2020) — The government of Aruba received proposals to refurbish its refinery and develop alternative industries on the brownfield site. RdA, the state-owned asset holder, received 29 proposals out of 57 initial registrations for the first option of refurbishing the 235,000 b/d San Nicolas refinery, which was formerly owned […]
Two US Execs Go From Prison To House Arrest
(CNN, 31.Jul.2020) — Two American oil executives held in an overcrowded Venezuelan prison for almost three years have been placed in house arrest, a sign that the embattled government of Nicolas Maduro may be easing its stance toward the detainees. Gustavo Cárdenas and Jorge Toledo were released to house arrest […]
Man Fatally Shot In Venezuela Gasoline Protest
(Reuters, 26.Jul.2020) — A man was shot and killed during a protest over gasoline shortages in eastern Venezuela on Saturday, officials and a local human rights group said, less than two weeks after a similar incident in the oil-producing but fuel-starved nation. The rights group Provea, citing witnesses, said Carlos […]
Venezuela’s Oil And Gas Sector Sees Worst Crisis
(Tradearabia News Service, 20.Jul.2020) — Venezuela’s oil and gas sector was already caught in a vicious cycle well before the Covid-19 outbreak created a world economic crisis. Even though there are several international companies still remaining in the country, they are not investing in any relevant manner and have minimum […]