(Energy Analytics Institute, Ian Silverman, 5.Jul.2018) â The heavy oil project is currently producing 10,000 barrels per day, according to PDVSA. PetroVictoria, is a joint venture comprised of Venezuelaâs PDVSA and Russiaâs Rosneft to develop heavy oil reserves in Venezuela as part of the Carabobo-2/4 project. In May 2013, Rosneft […]
Tag: PDVSA
PDVSA Installs Two Heavy Oil Desalters
(Energy Analytics Institute, Ian Silverman, 5.Jul.2018) â The land transfer of two from BolĂvar to AnzoĂĄtegui states, for oil crude desalination has successfully been completed. The main function of both desalination plants is the subtraction of water and salt contained in heavy oil crude. The two mega-structures were constructed with […]
China to Invest $250 mln to Boost Venezuelaâs Oil Sector
(Bloomberg, 4.Jul.2018) â Venezuelaâs distressed oil sector may get some much needed financing from China, Finance Minister Simon Zerpa said after meetings with officials from China Development Bank and China National Petroleum Corporation. China Development Bank will invest more than US$250 million to boost Venezuela oil production in the Orinoco […]
Venezuela’s Declining Crude Exports Squeeze India’s Refiners
(Reuters, Marianna Parraga, 3.Jul.2018) â Venezuelaâs crude shipments to India, its third largest export market, fell 21 percent in the first half of the year, according to internal documents from state-run PDVSA, adding to supply troubles for Indian refiners as they are increasingly pressed to diversify oil imports. Venezuelaâs production […]
China Throws Venezuelaâs Oil Industry $5B Lifeline
(OilPrice.com, Irina Slav) â Chinaâs Development Bank has approved a US$5-billion loan for Venezuelaâs oil industry, Bloomberg reports, quoting the troubled South American countryâs Finance Minister Simon Zerpa. âWeâve received the authorization for a direct investment of more than $250 million from China Development Bank to increase PDVSA production, and […]
US$1.4B Deal to Restart St Croix Refinery
(Stabroek News, 3.Jun.2018) â U.S. Virgin Islands Governor Kenneth E. Mapp announced yesterday an agreement which would reopen one of the worldâs largest refineries, create hundreds of jobs in the territory and buttress the solvency of the Government Employees Retirement System (GERS). According to a release from his office, Mapp […]
Petrozamora Incorporates Steam Generators in Zulia
(Energy Analytics Institute, Piero Stewart, 3.Jul.2018) â PDVSA Petrozamora, a joint venture comprised of PDVSA and Russiaâs Gazprom, completed recovery and incorporation of two steam generators. The generators, SimĂłn BolĂvar 24 (SB-24) and SimĂłn BolĂvar 40 (SB-40), are located in located in the state Zulia at the Lagunillas Field in […]
PetroPiar Ends Preventative Maintenance
(Energy Analytics Institute, Piero Stewart, 3.Jul.2018) â Work on the upgrader concluded four days ahead of schedule, according to Caracas-based PDVSA. Operational activities at the upgrader included substitutions in the naphtha and light vacuum gas oil (LVGO) lines, maintenance of interchangers, internal drum replacements (Demister), and replacements related to the […]
Trinidad, Venezuela Near Gas Sales, Export Agreement
(TeleSur, 29.Jun.2018) â The government of Trinidad and Tobago is projecting that a gas sales agreement with Venezuela will be finalized, signed and ready to be implemented by July 16. âWe have finally narrowed down all of the terms and conditions, and weâre outstanding on one item, and weâre supposed […]
Venezuelaâs Oil Ministry Has New Website
(Energy Analytics Institute, Piero Stewart, 29.Jun.2018) â Venezuelaâs Oil Ministry launched its new website and promotional video regarding the same. đ»đȘđ #WEB | Desde @MinPetroleoVE te invitamos a conocer la actualidad petrolera y energĂ©tica en nuestra nueva pĂĄgina web đČđ„ïžđ±ïž https://t.co/BbKhLeo1zx pic.twitter.com/JyOCwc1eab — Min. PP PetrĂłleo (@MinPetroleoVE) June 29, 2018 […]
Venezuela, Trinidad Review Joint Projects
(Energy Analytics Institute, Piero Stewart, 29.Jun.2018) â A delegation from Trinidad & Tobago traveled to Venezuela to discuss joint projects and gas related issues. The meetings were aimed at guarantying the supply of Venezuelan natural gas to the Trinidad & Tobago domestic market, announced PDVSA in an official statement. The […]
Citgo Appoints Aruba Refinery Executives
(Reuters, 28.Jun.2018) â Citgo Petroleum, the U.S. refining arm of Venezuelaâs state-run oil company PDVSA, said it appointed two senior executives to new positions as it works to refurbish an idled Aruba refinery. Luis Marquez was named vice president and general manager at the refinery, a 235,000-barrel-per-day plant in San […]
PDVSA, Rosneft Officials Discuss Projects
(Energy Analytics Institute, Piero Stewart, 28.Jun.2018) â Officials from both oil companies held meetings in Caracas to discuss partnerships. PDVSA President Manuel Quevedo, who also serves as Venezuelaâs Oil Minister, conducted a meeting with Rosneft Vice President Didier Casimiro to discuss joint projects between the Venezuelan and Russian companies, respectively, […]
PDVSA, Reliance Discuss Trade Opportunities
(Energy Analytics Institute, Piero Stewart, 28.Jun.2018) â Officials from PDVSA and Reliance assess new trade opportunities. PDVSA President Manuel Quevedo met with a delegation headed by Jayaraman Rajamaran, President and Head â Physical Trading – Crude/Oil Products Refining & Marketing at Reliance Industries Ltd. Reliance â owner of Jamnagar refinery, […]
OPEC Deal Implies 1.972 MMb/d from Venezuela
(Energy Analytics Institute, Piero Stewart, 27.Jun.2018) â OPECâs recent agreement in Vienna implies Venezuelaâs commitment to comply with oil production of 1.972 million barrels per day for the second semester of 2018. The agreement was announced at the recent meeting â the 4th Ministerial Meeting of Oil Exporting Countries Organization […]
Petrojam Partner Knocks Contract Process
(Jamaica Gleaner, 27.Jun.2018) â Petrojam, the beleaguered government-controlled oil refinery, spent over $14 billion or 74 per cent of its domestic expenditure over a two-year period to last October via direct and emergency sourcing, rather than competitive bidding contracts, an internal audit by Jamaica’s partner in the refinery revealed. The […]
PDVSAâs Amuay Halts Cat Cracker
(Reuters, 27.Jun.2018) â Venezuela’s 645,000 barrel-per-day (bpd) Amuay refinery has halted its catalytic cracking unit and its distillation unit No. 5, a refinery worker and a union leader said on Wednesday, while state oil company PDVSA said the units were operational. The cat cracker was halted on Saturday while the […]
Stuart Young Leads Venezuelan Energy Talks
(LoopTT, 27.Jun.2018) â Minister in the Office of the Prime Minister, Minister in the Ministry of the Attorney General and Legal Affairs and Minister of Communications Stuart Young led a Trinidad and Tobago delegation in Venezuela on Wednesday. The team comprised of the President of the National Gas Company of […]
Venezuela’s Petropiar upgrader begins restart
(Reuters, 26.Jun.2018) â Venezuelaâs PDVSA and Chevron have begun to restart their 210,000-barrel-per-day (bpd) Petropiar heavy crude upgrader after a nearly month-long, repair-related shutdown and a fire, according to the state-run company and two sources close to the facility. Venezuelaâs crude upgraders, which can convert near 700,000 bpd of extra-heavy […]
PdV Restarting PetroPiar Upgrader
(Argus, 26.Jun.2018) â Venezuelan state-owned PdV is restarting its 210,000 b/d PetroPiar upgrader this week after completing month-long repairs, PdV and energy ministry officials said. Chevron, which has a 30pc stake in Petropiar, is “working closely” with PdV to restart the facility, the PdV executive said. Chevron regularly declines to […]
PDVSA Controls Fire at PetroPiar Furnace
(Energy Analytics Institute, Piero Stewart, 26.Jun.2018) â The early morning incident occurred at the JosĂ© Antonio AnzoĂĄtegui Industrial Complex (CIJAA) in Barcelona, Venezuela. The fire occurred at the hydro processing unit furnace 14 F-001, announced PDVSA in an official statement. The PetroPiar joint venture upgrades crude oil from the Hugo […]
Factsheet: PDVSAâs El Palito refinery
CARACAS, VENEZUELA (Energy Analytics Institute, Piero Stewart, 23.Jun.2018, Words: 157) â PDVSAâs El Palito refinery has been in service now for 58 years. Operations at the refinery commenced on 23 Jun. 1960. The refinery, with two units: a primary crude distillation unit and catalytic reform unit, had an initial processing […]
Venezuelaâs Quevedo Speaks of Oil War, OPEC
(Energy Analytics Institute, Piero Stewart, 22.Jun.2018) â Venezuelaâs Oil Minister Manuel Quevedo spoke out in Europe against U.S. sanctions against Venezuela. â[These sanctions] represent a direct attack against the oil market stability, due to a non-conventional war undertaken by the largest world oil crude consumer,â reported PDVSA in an official […]
Venezuelan Minister: Can âAbsolutelyâ Grow Output
(CNBC, 22.Jun.2018) â Manuel Quevedo discusses the meeting of the world’s top oil producers in Vienna. Venezuela’s Oil Minister Quevedo, who also serves as the President of PDVSA, discusses the issue from Vienna. https://www.cnbc.com/video/2018/06/22/venezuelan-energy-minister-can-absolutely-grow-production.html
EIA Publishes Updated Venezuela Country Report
(EIA, 21.Jun.2018) â Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil, reported […]
Venezuelan Oil Output Charting New Lows
(UPI, Daniel J. Graeber, 19.Jun.2018) â Ahead of what could be pivotal talks among OPEC members, production from founding member Venezuela could hit new lows soon, an industry report found. State-backed oil company PetrĂłleos de Venezuela, known commonly as PDVSA, notified 11 of its international customers earlier this month that […]
Venezuelan Oil Ministry, PDVSA Plan to Boost Output
(Energy Analytics Institute, Piero Stewart, 17.Jun.2018) â Venezuelaâs Oil Ministry and PDVSA reiterated joint plans to boost crude oil output by 1 million barrels per day. To this end, officials from the OPEC nationâs oil ministry and state oil company meet in Caracas to discuss to jointly review heavy oil […]
Venezuela Oil Exports to China Slump
(Reuters, 17.Jun.2018) â Reuters) – Chinaâs imports of Venezuelan crude oil could sink to their lowest in nearly eight years in July as the OPEC producer struggles with shrinking output and mounting logistics issues, according to people familiar with the matter and shipping data. State-controlled PetroChina expects June loadings from […]
Venezuela Oil Output May Sink To 1 MMb/d
(OilPrice.com, Tsvetana Paraskova, 15.Jun.2018) â Venezuelaâs plummeting oil production is nearing the psychological threshold of just 1 million bpd as early as this year, analysts and industry experts tell Platts. Venezuelaâs production plummeted again in May, by 42,500 bpd from April to below 1.4 million bpdâ1.392 million bpd, according to […]
THROWBACK POST … Lake Maracaibo: descent into chaos [EAItv]
CARACAS, VENEZUELA (By Editores LatinPetroleum, Piero Stewart, 15.Jun.2018, Words: 43) â A brief look at Lake Maracaiboâs descent into chaos. The Maracaibo basin has produced over 43 billion barrels of petroleum, and close to 19 billion barrels of proven reserves still remain.
Venezuela Oil Output Slides to 1.4 MMb/d in May 2018
(Energy Analytics Institute, Piero Stewart, 14.Jun.2018) â Venezuela’s oil production continues its downward slope. Venezuelaâs crude oil production fell to 1.392 million barrels per day (MMb/d) in May 2018, according to a recent report by the Organization of Petroleum Exporting Countries (OPEC), citing data from secondary sources. This compares to […]
PDVSA Announces Start-Up of Cardon Refinery AV3 Plant
(Energy Analytics Institute, Ian Silverman, 14.Jun.2018) â PDVSA announced its subsidiary PDV Mantenimiento oversaw the successful start up of the High Vacuum 3 (AV3) Plant at the CardĂłn Refinery located in the ParaguanĂĄ Peninsula in Western Venezuela. Savings to PDVSA from the activation of the AV3 will amount to an […]
Venezuela Forgoes Nearly $30 Bln in Oil Revenues
(Energy Analytics Institute, Piero Stewart, 12.Jun.2018) â Venezuela will continue to forgo substantial oil revenues this year due to its collapsing production. In the last four years of the administration of Venezuelan President Nicolas Maduro, the countryâs oil production has fallen between 1.361 million barrels per day (MMb/d) according to […]
PDVAL: PDVSAâs Non-Strategic Affiliate? [EAItv]
(Energy Analytics Institute, Piero Stewart, 1.Jun.2018) â A brief look at PDVSAâs PDVAL.
Venezuela Upgraders Halting Ops Amid Export Crisis
(Reuters, Deisy Buitrago, Marianna Parraga, 12.Jun.2018) â Venezuelaâs state-run PDVSA [PDVSA.UL] and partners have halted operations at two upgraders that convert extra-heavy oil into exportable crude and plan to stop work at two others, according to six sources close to the projects, a move aimed at easing the strains from […]
Venezuela Wonât Have Enough Oil To Export By 2019
(OilPrice.com, Robert Rapier, 12.Jun.2018) â On May 21st President Donald Trump signed a new executive order prohibiting certain oil-related transactions with Venezuela. GlobalData, a leading data and analytics company, argues that the new sanctions are symbolic in comparison to the more targeted sanctions previously considered that would limit exports of […]
PDVSA Completes First Ship-to-Ship Transfer
(Kallanish Energy, 11.Jun.2018) — Venezuelaâs PDVSA has reportedly completed its first ship-to-ship (STS) transfer last week, in a move to tackle the severe bottleneck of tankers around its main crude ports. Reuters reported the inaugural operation was with the Suezmax tanker Sonagol Kalandula for a Thai companyâs refinery in Kemaman, […]
Chevron Brazil Chief to Lead Venezuela Ops After Arrests
(Reuters, 9.Jun.2018) — US oil producer Chevron Corp permanently assigned its Brazil country chief to run its Venezuelan operations, three sources said this week, after the months-long detention of two executives escalated tensions between the Opec-member nation and foreign oil firms. Javier La Rosa, who had been president of Chevron […]
Venezuelaâs Oil Meltdown Defies Belief
(Nick Cunningham, OilPrice.com, 6.Jun.2018) — Venezuela might have to declare force majeure on its oil exports as production plunges and its ports are unable to ship enough crude. The ongoing meltdown in Venezuelaâs oil sector could tighten the oil market more than expected. Reuters reported Tuesday that Venezuela is considering […]
Venezuelan Decree Aims to Boost PDVSA Oil Capacity
(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) â Decree No. 3368, dated April 12, 2018, and published in Gazette No. 41376, establishes a special transitional regime aimed at boosting Venezuelaâs oil production capacity. Additionally, resolutions No. 051 and 052, published in Gazette No. 41394, dated May 10, 2018, establish measures aimed […]
Venezuela Says 23,319 Wells Have 1.4 MMb/d Recovery Potential
(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) â Venezuelaâs Oil Minister Manuel Quevedo says the state oil company has identified 23,319 wells which have potential to recover Venezuelaâs 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 […]
PDVSA mulling force majeure on oil exports -Argus
(Reuters, 5.Jun.2018) — Venezuelaâs state-owned PDVSA is considering a declaration of force majeure on some of its oil supply contracts in June unless its clients agree to accept volume reductions of up to 50 percent, Argus reported on Tuesday, citing PDVSA officials. PDVSA “in the best case only has about […]
Venezuelaâs Grim Realities
(Anthony Venezia, Energy Intelligence, 30.May.2018) — The political and economic crisis afflicting Venezuela typically makes international headlines in connection with the possibility of sanctions being imposed on Caracas by the US, or the impact on world oil markets of the country’s dwindling crude production. But recent reporting by Energy Intelligence […]
India Says No Plans for Tade with Venezuela’s ‘petro’
(Reuters, 28.May.2018) — India said on Monday it had no plans to use Venezuela’s local cryptocurrency ‘petro’ in oil trade with the Latin American nation, which is facing sanctions from the United States. Responding to a question at a news conference, Foreign Minister Sushma Swaraj cited an order by the […]
Venezuelaâs Energy Sectors Remain Attractive, Unattractive
(Energy Analytics Institute, 28.May.2018) — Venezuelaâs upstream, downstream and midstream sectors remain attractive, yet unattractive to investors. Why the contradiction? The three sectors remain highly attractive due to the fact that Venezuela — the country with the worldâs largest crude oil reserve base and the eighth largest natural gas reserve […]
Venezuela’s Ex-Oil Czar Sees Economic Collapse Accelerating
(AP, 27.May.2018) â Venezuela’s former oil czar said crude production in the OPEC nation will continue to plummet in the aftermath of President Nicolas Maduro’s re-election, as the embattled socialist leader takes the country down an increasingly authoritarian path that scares off private investment and leads to more international sanctions […]
PDVSA owes Cardon IV partners Eni and Repsol $1bn
(Energy Analytics Institute, Piero Stewart, 25.May.2018) â- Venezuelaâs state oil company PetrĂłleos de Venezuela owes an estimated $1bn to its partners in the CardĂłn IV natural gas project offshore. Gas Energy Latin America partner Antero Alvarado told PetroguĂa in interview that Caracas-based PDVSA is accumulating estimated monthly expenses of $60mn […]
Venezuela Election, US Sanctions, Rising Prices, Falling Output
(Platts, 18.May.2018) — Ahead of Sunday’s presidential election in Venezuela, Risa Grais-Targow, director-Latin America, at the Eurasia Group, spoke to S&P Global Platts about the expected US response, the impact of rising oil prices on sanctions and the ongoing collapse of the country’s oil sector. The interview has been edited […]
Venezuela Oil Output Down to 1949 Levels
(Energy Analytics Institute, Aaron Simonsky, 18.May.2018) â Venezuelaâs oil production continues to fall, and further declines are anticipated due to a number of problems at state oil company PDVSA, according to a report by Caracas Capital Markets. âVenezuela’s oil production has now fallen from 3.5 million barrels per day when […]
PDVSA Looks to Recuperate Lake Vessels in Bachaquero
(Energy Analytics Institute, Aaron Simonsky, 17.May.2018) — PDVSA officials Executive Vice President Ysmel Serrano and External Directors Ricardo LeĂłn and Yurbis GĂłmez visited with workers from the Petrozamora mixed company, while touring the Libertador II dock located in Bachaquero along the Eastern Coast of Lake Maracaibo, to discuss plans to […]