(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – PDVSA estimates that the deep conversion project at its 100 percent owned Puerto La Cruz refinery, which will require foreign investments of $10.5 billion and allow the refinery to process 210,000 barrels per day, will conclude in late 2018. ***
Tag: PDVSA
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 […]
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 […]
Venezuela Signs Eight Agreements with China
(PDVSA, 13.Feb.2017) – PDVSA ratified its cooperation with the People’s Republic of China with the signing of eight agreements at the 15th China-Venezuela High Level Joint Commission, which was held at the José Félix Ribas Hall of the Teresa Carreño Theater in Caracas. The event was headed by Venezuela’s President […]
Venezuela, Algeria Officials Discuss Bilateral Coop
(PDVSA, 13.Feb.2017) – Venezuela’s Foreign Minister Delcy Rodríguez and Oil Minister Nelson Martínez visited the People’s Democratic Republic of Algeria to continue working visits to member a and non-member countries of the OPEC. The officials discussed bilateral cooperation issues during their meeting with Algerian Foreign Minister Ramtane Lamamra, and Energy […]
Venezuela’s Martínez meets Omani Counterpart
(PDVSA, 10.Feb.2017) – Venezuela’s Foreign Minister Delcy Rodríguez and the country’s Oil Minister Nelson Martínez traveled to the Sultanate of Oman to meet with Omani Oil Minister Mohammed bin Hamad Al Rumhy, as part of a tour of member and non-member countries of OPEC. Oman, together with Venezuela, Algeria, Kuwait […]
Why is Venezuela’s Oil Sector So Shattered?
(Igor Hernández, IESA Professor, 8.Feb.2017) – For oil-dependent Venezuela, the drop in oil prices since 2014 has been hard. Combined with the collapse in production, it has created an unprecedented economic crisis. Output decreased by 337,000 barrels per day (bpd) between December 2015 and December 2016 to 2.27 million bpd, […]
PDVSA Exploration VP Tours Faja Ops
(PDVSA, 4.Feb.2017) – PDVSA Vice President of Exploration and Production Nelson Ferrer, led a tour of the facilities of the Orinoco Drill Operators Cooperative Association, which absorbed former Petrex Sudamérica workers, in the Hugo Chávez Orinoco Oil Belt. He was able to see the progress of the new labor scheme […]
New PDVSA Board Preparing for Changes
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) – A newly appointed Board of Directors at PDVSA will be charged with taking actions to prepare the company for the eventually turn around in the crude oil export market. Venezuela’s President Nicolas Maduro said during his weekly broadcast that the new board would […]
PDVSA Says Costs Down More Than 30%
(Energy Analytics Institute, Piero Stewart, 2.Feb.2017) – PDVSA reduced operating costs by more than 30 percent, announced the entity in an official statement, citing company President Eulogio Del Pino. No further details were revealed by the company. ***
Mariscal Sucre Has 600 MMcf/d Production Potential
(Piero Stewart, Energy Analytics Institute, 1.Feb.2017) – Venezuela’s Mariscal Sucre natural gas project offshore has a production potential of 600 million cubic feet per day. The company plans to use this gas production to supply export markets in Colombia, Ecuador, Central America and the Caribbean, PDVSA announced in an official […]
Venezuelan Executives Discuss Oil Agenda
(Energy Analytics Institute, Piero Stewart, 29.Jan.2017) – Members of the Hydrocarbon Motor of the Bolivariana Economic Agenda met in Caracas to discuss advances under the plan. The meeting, held January 26, 2017 at the headquarters of PDVSA, in La Campiña in Caracas was attended by representatives from the Bolivariana Energy […]
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 […]
Bariven to be Heard in Restitution Process
(PDVSA, 28.Jan.2017) – Bariven, S.A., a PDVSA subsidiary, has taken legal action to obtain compensation for damages suffered due to fraudulent actions by former contractors and suppliers who in collusion with former workers of Bariven and some of its subsidiaries, obtained procurement contracts through acts of corruption, causing property and […]
Venezuela Eyes Boosting Hydrocarbons Economic Driver
(PDVSA, 26.Jan.2017) – Members of the Hydrocarbons Economic Driver of the Bolivarian Economic Agenda, met at La Campiña headquarters of PDVSA in Caracas, for the presentation of the first annual report. The first session of 2017 was attended by more than 30 representatives from the Bolivarian Federation of Energy and […]
PDVSA Financial Debt Down by $2.7 Bln in 2016
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2017) – Cash-strapped PDVSA went out on a limb again last year to reduce its long-term financial debt. PDVSA, as the Caracas-based company is known, may not have invested heavily in exploration and production activities to boost falling crude oil production or in its six […]
Maduro Names Citgo President as Venezuela’s Oil Minister
(Energy Analytics Institute, Aaron Simonsky, 20.Jan.2017) – Venezuela President Nicolas Maduro announced the appointment of Nelson Martínez, the actual president of Citgo Petroleum Corporation, as the country’s new petroleum minister. Martínez replaces outgoing Petroleum Minister Eulogio Del Pino. “Our friend Eulogio Del Pino remains in front of PDVSA,” reported state […]
Maduro Fires Pequiven President
(Energy Analytics Institute, Piero Stewart, 16.Jan.2017) – Venezuela’s newly appointed Vice President Tareck Aissami announced that the country’s President Nicolas Maduro had ordered the dismissal of Pequien President Juancarlo Depablos Contreras due to issues related to shortfalls in production and supply of raw materials. “Serious acts of corruption have been […]
PDVSA’s Domestic Refining Utilization Falls
(Energy Analytics Institute, Aaron Simonsky, 16.Jan.2017) – Refining utilization rates at PDVSA’s six domestic refineries averaged 30.7 percent in 2016 owing to permanent and temporary plant shut downs, and continued problems procuring replacement parts all due to finance issues. PDVSA’s domestic refineries – Amuay, Cardón, Bajo Grande, Puerto la Cruz, […]
Venezuela Sales Gasoline in Colombian Pesos
(Energy Analytics Institute, Piero Stewart, 4.Jan.2017) – Venezuela, the South American country with the region’s largest crude oil and natural gas reserves, initiated the sale of its gasoline in Paraguachón, located in the La Guajira Department in Colombia. Cooperation between the governments of Colombia and Venezuela has allowed activities to […]
Venezuela Moving Towards Oil Industry Restructuring
(Energy Analytics Institute, Aaron Simonsky, 4.Jan.2017) – “Venezuelan President Nicolas Maduro says ‘we’re going towards a restructuring of the (oil) industry’ and names Nelson Martínez, the actual president of Houston-based Citgo Petroleum Corporation, as Venezuela’s Petroleum Minister. Martínez replaces Eulogio Del Pino in this position. Del Pino retains his post […]
PetroMonagas Initiates Drilling at UBCP14
(Energy Analytics Institute, Piero Stewart, 2.Jan.2017) – PDVSA PetroMonagas initiated directional drilling activities in Río Yabo — located in the Aceital del Yabo community in Anzoátegui state — and plans to install 800 meters of 30-inch tubing over 60 days. The tubing will have a transport capacity of 70,000 barrels […]
Venezuela Implements Oil Cut Agreement
(PDVSA, 27.Dec.2016) – PDVSA announced implementation of an agreement to reduce production reached by member and non member countries of the Organization of the Petroleum Exporting Countries (OPEC). Under the agreement, Venezuela must implement a production cut of 95,000 barrels per day. As of January 1, 2017 PDVSA and /or […]
Venezuela Oil Output to Near 2 MMb/d
(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – OPEC member nation Venezuela, which produced 2.097 million barrels per day (MMb/d) in November, according to the December 2016 Monthly Oil Market Report published by the Organization of Petroleum Exporting Countries (OPEC), which cited secondary sources, could see its crude oil production reach […]
Six Dead in PDVSA Truck Accident
(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – An accident between a fuel transport truck owned by PDVSA and a vehicle carrying six persons from Venezuela’s armed forces unfortunately claimed resulted in the death of all the military personnel. The accident occurred in Tachira state and is under investigation by personnel […]
PDVSA Incorporates New Grads into Workforce
(Energy Analytics Institute, Ian Silverman, 26.Dec.2016) – Three officials from PDVSA participated in a graduation ceremony in San Tomé, south of Anzoátegui state, whereby 124 graduates received diplomas and were immediately incorporated into the payroll of state oil company PDVSA. The officials included PDVSA Exploration and Production Vice President Orlando […]
PDVSA Says It Maintains Full Ownership of Citgo
(Energy Analytics Institute, Ian Silverman, 25.Dec.2016) – PDVSA maintains full ownership and control over its Houston-based subsidiary Citgo Petroleum Corporation. PDVSA, in an official statement, also downplayed media versions and comments emitted by persons it claims are only interested in generating political instability in Venezuela based on speculation, rumors and […]
PDVSA To Industrialize Faja Oil
(PDVSA, 15.Dec.2016) – As of 2019, PDVSA, through Puerto La Cruz Refinery’s Deep Conversion Project, will industrialize crude oil from the Orinoco Oil Belt using HDHPLUS®, a Venezuelan technology, announced the People’s Power Minister of Foreign Trade and International Investment Jesus Faría. Minister Faría and the Ambassador of South Korea […]
Trinidad and Venezuela Reach Deals
(Energy Analytics Institute, Piero Stewart, 5.Dec.2016) – Together with President Nicolas Maduro and Prime Minister of Trinidad Keith Rowley we reached historic energy agreements, wrote PDVSA President Eulogio Del Pino in a series of twitter posts. “Together with Shell Venezuela we agreed to start negotiations to obtain financing for Petroregional […]
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 […]
Harvest Natural Resources Reports 3Q:16 Results
(Harvest Natural Resources, Inc., 9.Nov.2016) – Harvest Natural Resources, Inc. reported a third quarter 2016 net loss of approximately $7.1 million, or $0.55 per diluted share, compared with net income of $5.7 million, or $0.52 per diluted share, for the same period last year. The third quarter results include exploration […]
PDVSA Awards $138mn Contract To Tackle Petcoke Problem
(Reuters, 23.Sep.2016) — Venezuelan state oil company PDVSA said on Friday that Maroil Trading Inc has won a $138 million contract to remove a large pile of petroleum coke at the Jose solids terminal in the eastern state of Anzoategui. Petcoke, a byproduct of upgrading tar-like Orinoco oil into lighter […]
Venezuela Still the Country with the Largest Oil Reserves
(Energy Analytics Institute, Pietro D. Pitts, 14.Aug.2016) – Venezuela, the resource-rich South American country known for its chocolates, Caribbean beaches, lively citizens and beauty queens, still reigns as the country with the largest crude oil reserves, according to the BP Statistical Review of World Energy (June 2016). Venezuela had proved […]
Venezuela Cancels Premier LAPS Oil Event
(Energy Analytics Institute, Pietro D. Pitts, 4.Jul.2016) – Venezuela will not hold its annual Latin American Petroleum Show (LAPS). The decision to cancel the event this year is due to financial constraints that render PDVSA unable to provide major hosting support as well as payment issues with international service providers […]
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.
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 […]
Maduro Holds Meeting with Citizens’ Joseph Kennedy
(Energy Analytics Institute, Piero Stewart, 2.Jul.2016) – Venezuela’s President Nicolas Maduro held a meeting with Citizens Energy Corporation founder Joseph Kennedy in Caracas to discuss matters related to the U.S.-based non-profit organization, reported Venezuela’s new agency AVN. Citizens Energy is a non-profit company that receives and distributes Venezuela heating oil […]
PDVSA Says Drilling Rig Inventory at 311 Units
(Energy Analytics Institute, Piero Stewart, 25.Jun.2016) – PDVSA’s inventory of drilling rigs in Venezuela at the end of May 2016 reached 311 units, of which 156 were owned by the company, while 155 were owned by third parties, the state oil company announced in an official statement on its website. […]
Venezuela Sends Two Fuel Tankers to Singapore
(Energy Analytics Institute, Piero Stewart, 25.Jun.2016) – Venezuela sent two fuel tankers at full capacity to Singapore, reported Reuters. The tankers, New Dream, rented by PetroChina, Britanis, and Trafigura, are en route to Singapore with 270,000 tons of fuel, reported the news agency. ***
PDVSA President Del Pino Orders Co. Audit
(Energy Analytics Institute, Jared Yamin, 24.Jun.2016) – PDVSA President Eulogio Del Pino ordered the investigation into presumed acts of corruption and bribery within the state oil company, reported the daily newspaper El Universal. ***
PDVSA Raises Recovery Factor in South Junín District
(Energy Analytics Institute, Jared Yamin, 21.Jun.2016) – PDVSA has increased the recovery factor to 35 percent from 20 percent in the South Junín district of the Orinoco Heavy Oil Belt or the Faja using various technologies. Said technologies could establish a base or floor recovery factor in the Faja of […]
PDVSA Completes Directional Work on 70th Well in Maracaibo
(Energy Analytics Institute, Jared Yamin, 20.Jun.2016) – PDVSA’s Western Petroleum Services division has performed services on a total of 70 drilling wells with the recent completion of work on a directional drilling well located in Lake Maracaibo. Work at the LB-2963-ST well where the PDV-142 rig is located, was completed […]
ExxonMobil Sells Share of Chalmette Refining, LLC in Louisiana
(Exxon Mobil, 18.Jun.2016) – Exxon Mobil Corporation has reached an agreement with PBF Energy Inc. for the sale and purchase of its 50 percent interest in Chalmette Refining, LLC in Chalmette, Louisiana. PBF Energy will purchase 100 percent of Chalmette Refining, LLC, which is a joint venture between affiliates of […]
Venezuela Needs to Learn to Live with $40-$45/Bbl Oil
(Energy Analytics Institute, Jared Yamin, 16.Jun.2016) – Venezuela has to learn to live with oil prices between $40 per barrel and $45 per barrel in order to stop its oil rentier model, announced Venezuela’s President Nicolas Maduro during a broadcast on national television from Miraflores Presidential Palace in Caracas. Venezuela […]
Venezuela Seeks to Boost Gas Supply by Reducing Flaring
(Energy Analytics Institute, Piero Stewart, 15.Jun.2016) – Latin American oil producer Venezuela plans to increase the supply of natural gas in its domestic market by reducing flaring and using the once wasted resource as a raw material to supply its ailing petrochemical sector. Venezuela plans to increase domestic gas supply […]
PDVSA, Inpex Invest $350 Mln to Boost Gas Output
(Energy Analytics Institute, Piero Stewart, 15.Jun.2016) – PDVSA and Japan’s Inpex invested $350 million to improve gas compression operations at the Copa Macoya plant in Guarico state, and boost output by an additional 48 million cubic feet per day of natural gas. The investment also included construction of a mechanical […]
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 […]
PDVSA Still Seeks Friendly Settlement with PetroPar
(Energy Analytics Institute, Jared Yamin, 12.Jun.2016) – PDVSA continues to seek a friendly settlement with PetroPar in regards amounts it is owed by its Paraguayan counterpart, announced PDVSA in an official statement posted on Twitter. PDVSA is requesting PetroPar pay its debt to Venezuela without additional delays. Additionally, PDVSA says […]
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 […]