(Bloomberg, 1.Oct.2018) â Venezuelan oil workers protested against a new minimum wage at key crude processing facilities last week, claiming the new law disregards previous pay scales and union agreements. Several dozen workers protested outside Petropiar, the oil upgrader controlled by Petroleos de Venezuela SA and Chevron Corp. in Anzoategui […]
Tag: PDVSA
India Eyes Rupee-Route, Barter for Venezuelan Crude
(The Hindu Business Line, Vishwanath Kulkarni, Richa Mishra, 30.Sep.2018) â India is considering setting up a rupee-payment mechanism for trade with Venezuela, besides exporting rice and drugs to the South American nation, all in return for crude oil. The Ministries of Commerce, Finance and Petroleum are looking into the proposal. […]
Venezuela to Continue in Defense of Oil Market Equilibrium
(Energy Analytics Institute, Piero Stewart, 29.Sep.2018) â Venezuelaâs Oil Minister Manuel Quevedo announced the South American country would continue to seek equilibrium in the petroleum market. âUnder the leadership of President NicolĂĄs Maduro, we will continue to defend a policy of equilibrium and stabilization in the world oil market, having […]
Uruguay Judge Orders ANCAP to Pay $5.6 Mln to Exor Internacional Ltda.
(Energy Analytics Institute, Ian Silverman, 28.Sep.2018) â Uruguayan Judge Carlos Aguirre ordered ANCAP to pay a fine of $5.6 million plus interest to Exor Internacional Ltda. as a result of a âpatrimonial trial related to administrative responsibility,â reported the daily LaRed21. The Exor payment relates to a debt maintained with […]
Oil Spill Reported at Venezuelaâs AnzoĂĄtegui Petrochemical Complex
(Energy Analytics Institute, Piero Stewart, 27.Sep.2018) â Venezuelaâs JosĂ© Antonio AnzoĂĄtegui Petrochemical Complex was the site of a crude oil spill that affected the beaches of the Peñalver municipality in AnzoĂĄtegui state. The presence of oil was detected on September 26, 2018 along the beaches of Puerto PĂritu, La Cerca […]
Venezuela Faces Fresh Blow With Ship-Fuel Rules Threatening Exports
(Bloomberg, 27.Sep.2018) â New rules forcing ships to use cleaner marine fuels may deal yet another blow to cash-strapped Petroleos de Venezuela SA, an exporter of high-sulfur fuel oil. From Jan. 1, 2020, vessels will have to switch to less-polluting bunker fuel or be fitted with equipment to curb emissions, […]
PetroMonagas, PetroVictoria Rumored to Have Changed President
(Energy Analytics Institute, Ian Silverman, 26.Sep.2018) â The president of the two Venezuelan joint venture companies is rumored to have been changed, according to reports in the daily Noticias Venezuela. The executive, Edgar Sifontes, is said to have left his position at the helms of both companies, reported the daily, […]
Venezuela’s Retrogressing Economy — Exhibit 1, PDVSA
(Steve Hanke, Contributor to Forbes, 19.Sep.2018) â Two hallmarks characterize capitalist economies. Firstly, property is predominately in private hands. Consequently, goods and services are allocated via market mechanisms in which prices provide signals for businesses, workers, and consumers. Secondly, capitalist economies are highly capitalized. Indeed, the stocks of physical and […]
New Corruption Scheme Revealed at PDVSA
(Prensa Latina, 19.Sep.2018) â The Public Prosecutor”s Office (MP) has revealed today a new corruption scheme in the state-run Petroleos de Venezuela (PDVSA), which has caused losses of 18,500,000 dollars to the main industry of the country. In a press conference from the MP headquarters in Caracas, Attorney General Tarek […]
Nicolas Maduro Says Venezuela to Double Oil Production
(Energy Analytics Institute, Piero Stewart, 18.Sep.2018) â Venezuela, the struggling OPEC producer, is now planning to double its production of crude oil, according to statements from the country’s president. âWith revolutionary spirit we will double the productive capacity of PDVSA,â announced Venezuelaâs President Nicolas Maduro during a press conference in […]
Venezuelaâs Maduro Says Relationship With China âWin-Winâ
(Energy Analytics Institute, Piero Stewart, 18.Sep.2018) â In terms of bilateral cooperation, Venezuela and China are seeking a âwin-winâ scenarios. âRelations with China are very clear and have been framed around mutual respect and under the premise of win-win, which has allowed for the reactivation of financial funds, and revival […]
U.S. Company Manager Pleads Guilty in PDVSA Bribery Scheme
(Reuters, 13.Sep.2018) â A former manager of a U.S.-based logistics company pleaded guilty on Thursday to paying bribes to secure contracts from Venezuelaâs state oil company PDVSA, and the guilty plea of the official who was bribed was also unsealed, the U.S. Justice Department said. Juan Carlos Castillo Rincon, 55, […]
Venezuela’s Aug. 2018 Oil Output Continues Decline: OPEC MOMR
(Energy Analytics Institute, Jared Yamin, 12.Sep.2018) â Venezuelaâs oil production seems on an unstoppable downward trend. The OPEC countryâs production of crude oil fell 2.9 percent to 1,235 thousand barrels per day (Mb/d) in August 2018 compared to 1,272 Mb/d in July 2018, according to data published in OPECâs Monthly […]
Jamaica’s Economy Gets $5 Bln From PetroCaribe Over 13 Years
(CMC, 12.Sep.2018) â Jamaica says it has benefitted from projects estimated at US$5 billion under the Venezuela-led PetroCaribe initiative over the past 13 years. CEO of the Petro-Caribe Development Fund Dr Wesley Hughes said the contributions of the fund to Jamaica have been âmeaningful and significantâ. Speaking earlier this week […]
PDVSA To Reopen Damaged Port Dock By Month’s End
(Reuters, Marianna Parraga, 12.Sep.2018) â PDVSA expects to reopen the south dock of Venezuelaâs main oil port Jose by the end of September, easing strains on crude exports delayed due to a tanker collision last month, according to internal trade documents from the state-run oil firm seen by Reuters. Last […]
Venezuela Oil Production Continues to Collapse
(Energy Analytics Institute, Jared Yamin, 12.Sep.2018) â The decline is consistent and constant as well as consistently and constantly bad, writes Caracas Capital Market in a research note emailed to clients. Summary details from the research note follow: OPEC released the production counts for its member states today and while […]
Venezuela Wants To Overhaul State Oil Firm PDVSA
(Oilprice.com, Tsvetana Paraskova, 7.Sep.2018) â Venezuela has set up a commission that will be working to reshuffle and reorganize its state oil firm PDVSA in the next few months, according to the countryâs Official Gazette on Thursday, in what would be the latest Venezuelan attempt to show that it is […]
Tanker Backlog Builds Again in Venezuela
(Reuters, Marianna Parraga, 6.Sep.2018) â Crude exports by Venezuelaâs PDVSA have slowed after a tanker collision at its main port last month disrupted operations, adding to a backlog of vessels waiting to load, according to shipping sources and Reuters data. Oil is the financial lifeline for the embattled socialist government […]
Venezuela Creates Commission to Reorganize PDVSA: Document
(Reuters, 6.Sep.2018) â Venezuela has created a commission to reorganize state oil company PDVSA in the coming months, according to the Official Gazette circulating on Thursday. PDVSA did not immediately respond to an email seeking further details. Reporting by Caracas newsroom; Editing by Chizu Nomiyama ***
Venezuela Oil Sales to US Fell in August
(Reuters, 4.Sep.2018) â Venezuela’s crude sales to the United States fell in August for the second month in a row as exports of two of the South American country’s main grades dropped following port interruptions by a tanker collision, according to Thomson Reuters Trade Flows data. Venezuela’s state-run oil company […]
Kamla Floats Guyana Help for Trinidad Refinery
(Stabroek News, 2.Sep.2018) â Trinidad Opposition Leader Kamla Persad Bissessar has raised the prospect of Guyana oil being used to rescue the beleaguered Petrotrin refinery but Prime Minister Keith Rowley last evening said the aged facility had no reasonable prospect. Defending the decision by his government to close the over […]
Scorch Earth Suicide in Venezuela
(EnergyNomics de Venezuela, Carlos A Rossi, 1.Sep.2018) â Nicolas Maduro has drawn the line in the sand: âEither you are with me and stay here living precariously with Chavism, or you are against me and get out. If you choose none of the above: Starve.â Cornered by a hyperinflation over […]
PDVSA Inks $430 Mln Deal in Effort to Boost Oil Output
(S&P Global, Mery Mogollon, 30.Aug.2018) â State-owned Venezuelan oil company PDVSA signed a $430 million service agreement with seven companies to boost its oil production by 641,000 b/d, company president Manuel Quevedo said in a statement Wednesday. The companies on the other side of deal are: Well Services Cavallino, Petro […]
Venezuela Aims To Boost Oil Output By 640 Mb/d
(OilPrice.com, Tsvetana Paraskova, 30.Aug.2018) â Venezuelaâs state oil firm PDVSA has said that it signed a US$430 million joint service agreement with seven companies that would help it increase its crude oil production by 641,000 barrels per day. The companies will help PDVSA to raise production at wells at the […]
The Latest Episode in the Crystallex-Venezuela Saga
(Mining.com, Valentina Ruiz Leotaud, 29.Aug.2018) â State-owned PetrĂłleos de Venezuela SA or PDVSA announced on Twitter that it filed an appeal requesting that a Delaware court vacate a decision made public on August 23 granting Canadian miner Crystallex the right to seize its U.S. assets. In its statement, the oil […]
CITGO Awards Grant, Continues Restoration Work
(Citgo, 29.Aug.2018) â Through the CITGO Caring for Our Coast initiative, a program designed to boost ecological conservation, restoration and education, The Conservation Foundation (TCF) has been awarded a grant to continue its restoration work in the Heritage Quarries Recreation Area (HQRA) in Lemont. In partnership with TCF and the […]
Carolyn Wants Details on Dragon Gas Deal
(Trinidad and Tobago Newsday, Sean Douglas, 28.Aug.2018) â Four questions have been posed by Congress of the People leader and former energy minister Carolyn Seepersad-Bachan over the Dragon gas deal signed on Saturday between the leaders of TT and Venezuela. âWhereas the government may not be able to publicly state […]
Venezuelan Oil Port Working Partially After Collision
(Reuters, Marianna Parraga, 28.Aug.2018) â Venezuelaâs main oil port of Jose is operating partially following a weekend tanker collision that halted one of its three docks, curtailing state-run PDVSAâs ability to export upgraded crude and receive imported diluents, three sources with knowledge of the incident said on Tuesday. PDVSA has […]
Venezuela Gas Price Deal CompetitiveâKhan
(Trinidad Guardian, 27.Aug.2018) â Government is giving no details on the pricing structure this country will pay for gas from the Dragon Field under the agreement signed with Venezuela on Saturday, but Energy Minister Franklin Khan is assuring that the pricing structure agreed to was competitive and followed âmonths of […]
Five Things About T&T, Venezuela’s Dragon Gas Deal
(Loop News, 26.Aug.2018) â On August 25, 2018, an historic agreement was made between Prime Minister Dr Keith Rowley and Venezuelan President NicolĂĄs Maduro for access the Venezuela’s Dragon Field. Here are five things to know about the Dragon field gas deal: Dragon will produce 150 million cubic feet per […]
Arubaâs San NicolĂĄs Refinery to Take Faja Oil
(Energy Analytics Institute, Piero Stewart, 25.Aug.2018) â Valeroâs old Aruba refinery will be revitalized as an upgrader. PDVSA announced the San NicolĂĄs Refinery located in Aruba will be converted into an upgrader in order to process extra-heavy oil from Venezuelaâs Hugo Chavez Orinoco Heavy Oil Belt, also known as the […]
Trinidad Inks Gas Deal With Venezuela To Continue LNG Exports
(Bloomberg, Ryan Collins and Kelly Gilblom, 25.Aug.2018) â Trinidad and Tobago will continue to ship super-chilled natural gas all over the world, with a little help from Venezuela. President Nicolas Maduro and Trinidad and Tobago Prime Minister Keith Rowley signed a deal Saturday where Trinidad will purchase gas from Venezuelaâs […]
Venezuela to Send DragĂłn Gas to Trinidad
(Energy Analytics Institute, Piero Stewart, 25.Aug.2018) â Venezuela will send its DragĂłn field natural gas to Trinidad for processing. Thatâs according to a deal signed today in Caracas between the governments of Trinidad and Tobago and Venezuela, reported Venezuelaâs Ministry of Petroleum in a series of tweets. The countries were […]
Trinidad and Venezuela to Sign Gas Agreement
(CMC, 24.Aug.2018) â Prime Minister Dr Keith Rowley will lead a delegation to Venezuela tomorrow to sign an agreement for the development of the across border gas from the Venezuelan Dragon Gas Field, according to an official statement issued here. The statement from the Office of the Prime Minister noted […]
Rosneft May Challenge Crystallex Claim To Citgo Shares
(Oilprice.com, Irina Slav, 23.Aug.2018) â Rosneft has asked a U.S. federal court to establish âa robust appraisal and sale processâ of Citgo shares following Canadian miner Crystallexâ win at court against the parent company of Citgo, PDVSA, Argus Media reports citing documents submitted by Rosneft to court. âSuch a course […]
Exec Pleads in $1.2 Bln Venezuelan Money-Laundering scheme
(AP, 22.Aug.2018) â A former Swiss bank executive has pleaded guilty to his role in a $1.2 billion money-laundering scheme involving Venezuela’s state-run oil and natural gas company. Federal court records show that 44-year-old Matthias Krull pleaded guilty in Miami federal court on Wednesday to conspiracy to commit money laundering. […]
Oil Workers Support Maduroâs Economic Plans
(Energy Analytics Institute, Ian Silverman, 21.Aug.2018) â Oil workers at state oil company PDVSA marched in Caracas and across the country to show their continued support of Venezuelaâs President NicolĂĄs Maduro in the aftermath of recent economic announcements by the official. ***
PDVSA to Resume Use of Caribbean Terminal Under NuStar Deal
(Reuters, 21.Aug.2018) â Venezuela’s PDVSA and NuStar Energy LP have reached an agreement over outstanding storage fees, allowing the state-run company to resume use of a key storage terminal in the Caribbean, the U.S. energy firm said on Monday. NuStar had suspended PDVSA several times since 2017 from using its […]
Venezuela’s Oil-linked Cryptocurrency Leaves Heads Spinning
(Bloomberg, Andrew Rosati & Fabiola Zerpa, 21.Aug.2018) â Beaten-down Venezuela on Tuesday began confronting a 95 percent currency devaluation and a regimen of economic controls that, after years of hunger and hyperinflation, landed like a hassle rather than a cataclysm. Caracas returned to work after a holiday weekend that saw […]
PDVSA and ConocoPhillips Reach New, Positive Settlement
(Citgo, 21.Aug.2018) â As officially reported by PetrĂłleos de Venezuela, S.A. (PDVSA) and ConocoPhillips, the two companies recently reached a settlement agreement resulting from the nationalization of the Hamaca and Petrozuata projects in 2007. As background, ConocoPhillips initiated arbitration before the International Chamber of Commerce (ICC), demanding that PDVSA pay […]
Venezuela Agrees to Pay $2 Bln Over Seizure of Oil Projects
(The New York Times, Clifford Krauss, 20.Aug.2018) â More than a decade ago, Venezuela seized several oil projects from the American oil company ConocoPhillips without compensation. Now, under pressure after ConocoPhillips carried out its own seizures, the Venezuelans are going to make amends. ConocoPhillips announced on Monday that the state […]
Rafael RamĂrez Says Maduro Destroyed PDVSA
(Energy Analytics Institute, Jared Yamin, 19.Aug.2018) â Former PDVSA President Rafael RamĂrez says Venezuela produced 3 million barrels per day until December 2013. That figure has dropped by 1.8 million, according to his statements. âWhen we were in the revolutionary government of Comandante ChĂĄvez, we had fiscal balance and enough […]
Cure for Venezuelaâs Mercantilism, Rentism Disease
(EnergyNomics, Carlos A Rossi, 18.Aug.2018) â Are natural resource endowed countries victims of their own wealth? Is there a richness threshold beyond which the institutions designed to protect a countryâs citizens turn against them and become their worst enemy by annihilating their productive apparatus riddling it with the miseries of […]
Former PDVSA Director Detained in Argentina
(Energy Analytics Institute, Ian Silverman, 17.Aug.2018) â A former PDVSA director has been detained and accused of money laundering. Luis Abraham Bastidas RamĂrez, the cousin of former PDVSA President Rafael RamĂrez, was detained in Argentina, wrote reporter Dean Rojas in a tweet on his personal twitter account. RamĂrez’s capture was […]
Jusepin Oil Region in Venezuela: 45 Seconds of Fame
(Energy Analytics Institute, Piero Stewart, 17.Aug.2018) â Venezuelan opposition leader Maria Corina Machado tours the Jusepin petroleum region in Venezuela. https://twitter.com/i/status/1030477377988710401 Jusepin is just one of many petroleum-rich areas in Venezuela, the country with the worldâs largest oil reserves. ***
Venezuelan Oil Assets to be Seized by Creditors
(Express, Simon Osborne, 16.Aug.2018) â Venezuelaâs oil assets are being targeted by angry creditors after a US court granted a Canadian mining company permission to send in the bailiffs. Firms owed billions by the beleaguered South American country and its state-owned oil firm PDVSA are now lining up to make […]
PDVSA Leaves Argentine Gas Station to Fend for Itself
(Reuters, Luc Cohen, 15.Aug.2018) â As Venezuelaâs state-owned oil company PDVSA saw its finances devastated by low oil prices and mismanagement, it funneled millions of dollars to Petrolera del Conosur (PSUR.BA), a loss-making Argentine gas station operator it controls. PDVSA decided to cut off the support payments late last year, […]
Venezuela Petrol Prices Need to Rise to Stop Smuggling
(Reuters, Deisy Buitrago and Brian Ellsworth, 14.Aug.2018) â Venezuelaâs heavily subsidised domestic gasoline prices should rise to international levels to avoid billions of dollars in annual losses due to fuel smuggling, president Nicolas Maduro has said. âGasoline must be sold at an international price to stop smuggling to Colombia and […]
OPEC MOMR Shows Further Oil Declines in Venezuela
(Energy Analytics Institute, Piero Stewart, 14.Aug.2018) â Venezuelaâs crude oil production declines seem unstoppable. Venezuelaâs crude oil production fell to 1.278 million barrels per day (MMb/d) in July 2018 compared to 1.325 MMb/d in June 2018 based on secondary sources, reported OPEC in its August Monthly Oil Market Report (MOMR). […]
Venezuela’s Citgo Refineries At Risk Of Seizure
(Forbes, Robert Rapie, 12.Aug.2018) â In 2007, following Venezuela’s expropriation of billions of dollars of assets from U.S. companies like ExxonMobil and ConocoPhillips, I suggested a potential remedy. Since Venezuela’s state-owned oil company, PDVSA (PetrĂłleos de Venezuela, S.A.) owns the Citgo refineries in the U.S., I felt the companies that […]