(AP, 24.Apr.2024) — A company started by a Texas billionaire oilman announced a deal Wednesday with Venezuela’s state-owned oil company to rehabilitate five aging oil fields, days after the Biden administration put a brake on sanctions relief over concerns about the fairness of the country’s upcoming presidential election. LNG Energy […]
Tag: PDVSA
Potential Sour Crude Deficit Looming in the Gulf
(BTU Analytics, 23.Apr.2024) — Historically, more than half of Mexico’s heavy sour crude oil exports, mostly Maya blend, end up in the U.S., which is key for refining along the Gulf Coast, also known as PADD 3. However, recent reports suggest Mexico’s national oil company, PetrĂłleos Mexicanos (Pemex), could cut […]
MEEI Says OFAC GL44A Doesn’t Impact Trinidad’s Amended License
(Trinidad and Tobago Ministry of Energy and Energy Industries, 17.Apr.2024) — The Office of Foreign Assets Control (OFAC), Department of Treasury of the United States Government today issued General Licence 44A which governs sanctions related to the Bolivarian Republic of Venezuela and deals with Authorizing the Wind Down of Transactions Related […]
Expiration of US Oil License to Venezuela to Impose a Ceiling on Output Growth
(Reuters, 17.Apr.2024) — The expiration of the widest U.S. license so far granted to Venezuela’s oil and gas industry will put a ceiling on the South American country’s slow crude production growth unless Washington grants enough individual authorizations to compensate, according to analysts and experts. Washington officials said on Wednesday the license […]
June Deadline set for Citgo Auction Bids
(Argus, 17.Apr.2024) — Bidders for Citgo‘s US refining assets have until 11 June to submit offers for the company’s 805,000 b/d of refining capacity and associated assets, with a tentative sale hearing set for 15 July. Documents filed Tuesday in the US District Court for the District of Delaware set […]
Negotiations Fail to Renew Venezuela Sanctions Relief License
(S&P Global, 17.Apr.2024) — A few hours before the expiration of a temporary oil and gas sanctions relief license, the governments of Venezuela and the United States continue to negotiate without success its renewal under the requirement of holding competitive presidential elections on July 28, Venezuelan officials said. “Today at […]
US Not to Renew Easing of Venezuela Oil Sanctions Unless Progress Made on Elections
(Reuters, 15.Apr.2024) — The U.S. will not renew a temporary license set to expire on Thursday that widely eased sanctions on Venezuela’s oil and gas sector, a State Department spokesperson said, unless progress is made by President Nicolas Maduro on commitments for free and fair elections this year. The U.S. […]
Petrowarao Reactivates A-162 Gas Condensate Well in Zulia
(Energy Analytics Institute, 29.Feb.2024) — The mixed company Petrowarao, S.A. reactivated the A-162 gas condensate well in Zuila state in western Venezuela. The achievement was possible due to major maintenance work and the repair of lake pipelines, state-owned PetrĂłleos de Venezuela, S.A. (PDVSA) announced 29 Feb. 2024 in an official statement. […]
PDVSA and Chevron oversee Petropiar safety operations
PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 29.Feb.2024, Words: 140) — Executives with state-owned PetrĂłleos de Venezuela, S.A. (PDVSA) and Chevron Venezuela supervised safety operations at the PDVSA Petropiar, S.A. joint venture as part of scheduled visits slated for 2024. Executives participating included the president of the board of directors […]
PDVSA’s domestic refineries producing only around 230,000 b/d
CARACAS, VENEZUELA (Piero Stewart, Energy Analytics Institute, 18.Feb.2024, Words: 130) — Venezuela’s state-owned oil giant PetrĂłleos de Venezuela (PDVSA), which has a total processing capacity of 1.303 million b/d from its 6 domestic refineries – Amuay, CardĂłn, Bajo Grande, Puerto la Cruz, El Palito and San Roque – is only […]
![Petroleum sanctions in Venezuela: origins, scope and failures [PDF download]](https://energy-analytics-institute.org/wp-content/uploads/2025/05/female-worker-source-pdvsa.jpeg)
Petroleum sanctions in Venezuela: origins, scope and failures [PDF download]
CARACAS, VENEZUELA (By Carlos Rossi for Editores LatinPetroleum, 31.Jan.2024, Words: 340) — Although US sanctions imposed on Venezuelan individuals for corruption charges date as far back as the beginning of the first decade of this century, the origin of US sanctions against the nation of Venezuela date back to the […]
OFAC Updates on PDVSA Bond, Transactions [PDF Download]
(Energy Analytics Institute, 16.Jan.2024) — The US Office of Foreign Assets Control (OFAC) authorized certain transactions related to state-owned PetrĂłleos de Venezuela, S.A.‘s 2020 8.5% bond on or after 16 Apr. 2024, the agency revealed 16 Jan. 2024 in an official statement. ____________________ By Piero Stewart. © Energy Analytics Institute […]
More Venezuela Creditors to Join Citgo Auction
(Reuters, 8.Jan.2023) — A U.S. judge on Monday granted a large group of Venezuela-linked creditors rights to participate and receive proceeds from a coming auction of shares in the parent of Houston-based refiner Citgo Petroleum. A precedent-setting lawsuit by Canadian miner Crystallex Corp formally tied Venezuela-owned Citgo to the South […]
ONGC Videsh to Get Some Oil from Venezuela
(Reuters, 3.Jan.2023) — Venezuela has agreed to give some oil to India’s ONGC Videsh to help it recoup its pending $600 million dividend for a stake in a project in the South American nation, India’s oil secretary said on Wednesday. Indian refiners have resumed purchase of Venezuelan oil following the easing of U.S. […]
Venezuela’s 2023 Oil Exports Rose, Aided by US Sanctions Easing
(Reuters, 3.Jan.2023) — Venezuela’s oil exports increased 12% last year to almost 700,000 barrels per day (bpd) as the United States eased sanctions imposed since 2019 on the OPEC country’s energy sector, according to data and documents viewed by Reuters. The increase shows the impact of sanctions relaxation on the […]
Venezuela grants Dragon gas field license
HOUSTON, TEXAS (Piero Stewart, Energy Analytics Institute, 20.Dec.2023) — The National Gas Company of Trinidad and Tobago (NGC) and Shell were granted a license for the exploration and exploitation of non-associated gas in the Dragon field, located in Venezuela’s Paria peninsula. The license was granted during a signing ceremony in […]
Maduro Orders Immediate Oil and Gas Exploration in Disputed Territory
(Voice of America, 6.Dec.2023) — Venezuelan President Nicolas Maduro has ordered state-owned oil, gas and mining companies to “immediately” begin operations in a wide territory controlled by neighboring Guyana. Maduro issued the order Tuesday, two days after Venezuleans voted overwhelmingly to approve a referendum that would annex the 160,000-square kilometer […]
Maduro to Permit Development in Disputed Territory
(Reuters, 5.Dec.2023) — Venezuelan President Nicolas Maduro said on Tuesday he would authorize oil exploration in an area subject to a dispute with Guyana, which said it would report his comments to the United Nations and the International Court of Justice (ICJ). Maduro’s pledge to permit development around the Esequibo […]
EAI’s NRGBriefs: Nov. 2023
(Energy Analytics Institute, 30.Nov.2023) — Energy briefs as well as others related to finance and projects during November 2023 including PDVSA and the French co. Maurel & Prom inking a first framework agreement; Venezuela to hold referendum related to the Essequibo disputed region between Venezuela and Guyana; Colombia’s National Hydrocarbon […]
China Slows Venezuela Crude Buys
(Reuters, 23.Nov.2023) — The suspension of U.S. sanctions on Venezuelan oil has rattled its biggest customers, China’s independent refiners, who are now holding off on making new purchases amid wide discrepancies in offer prices, trading sources say. The independent refiners have for years bought Venezuelan oil at steep discounts, but since Washington lifted […]
Venezuela Producing 850,000 bpd, Hopes to Recover US Market
(Reuters, 22.Nov.2023) — Venezuela is currently producing some 850,000 barrels per day (bpd) of oil and hopes to soon reach 1 million bpd, the country’s deputy oil minister, Erick Perez, said on Wednesday, following the temporary lifting of U.S. sanctions on the nation. Washington in October issued a license allowing Venezuela to […]
![The lifting of sanctions and the oil collapse of Venezuela [PDF download]](https://energy-analytics-institute.org/wp-content/uploads/2020/09/Venezuela-requests-the-extradition-of-former-PDVSA-president-Rafael-Ramirez.jpg)
The lifting of sanctions and the oil collapse of Venezuela [PDF download]
(Rafael RamĂrez, 16.Nov.2023) — On 18 Oct., the US Office of Foreign Assets Control (OFAC)[1] issued Licenses 43 and 44,[2] lifting the sanctions on the Venezuelan oil and mining sector that had been in place since Jan. 2019. The OFAC measure is of a temporary nature, for a period of six months, subject to compliance […]
Citgo Exits 3Q:23 with Liquidity of $3.86bn
(Citgo, 9.Nov.2023)  — Citgo Petroleum Corporation reported its 2023 third quarter financial and operational results. Highlights: Net income of $567mn and EBITDA 1 of $895mn, compared to net income of $380 mn and EBITDA of $642mn for the second quarter of 2023Adjusted EBITDA 1 for the third quarter was approximately $833mn, which included two special items related to a legal settlement and a […]
Citgo Concludes 2023 Marketer Roundtables
(Citgo, 9.Nov.2023) — Citgo Petroleum concluded its highly successful Marketer Roundtable Meetings for 2023, bringing together marketers from across the country to discuss key industry trends, brand programs, and commercial strategies. The roundtables, held in late September through early November, provided a valuable forum for collaboration and knowledge sharing. The […]
![Maurel & Prom Inks Deal in Venezuela [PDF Download]](https://energy-analytics-institute.org/wp-content/uploads/2023/11/mp-pdvsa.png)
Maurel & Prom Inks Deal in Venezuela [PDF Download]
(Sempra, 8.Nov.2023) — Maurel & Prom signed a set of agreements with Venezuela’s state owned PDVSA for the immediate restart of the activity of M&P’s mixed company in Venezuela. _________________
ConocoPhillips Comments on Venezuelan-Related Progress
(Energy Analytics Institute, 2.Nov.2023) — ConocoPhillips chairman and CEO Ryan Lance updated the analyst community on the company’s situation regarding Venezuela and recently started auction process for assets of Houston-based refinery Citgo Petroleum during a recent conference call. “We’re in a process with the Venezuelans right now. They also have […]
PetroChina Aims to Resume Venezuelan Oil Imports after 4-year Pause
(Reuters, 2.Nov.2023) — China’s PetroChina is proposing to buy up to 8 million barrels a month of Venezuelan crude from state-run oil company PDVSA, according to four people familiar with the matter, hoping to resume a trade suspended four years ago by U.S. sanctions. In October, the U.S. Treasury Department temporarily […]
Local Trinidad Operator Expresses Interest in Citgo Assets
(Trinidad Express, 2.Nov.2023) — Decker Petroleum and Marketing Company Ltd (DPMCL), based in Trinidad and Tobago, has written the US District Court of Delaware officially expressing its interest in acquiring the asphalt assets of Venezuelan oil refiner Citgo. In 2018, the US District Court of Delaware ordered PDV Holdings, the […]
Venezuelan Oil Sanctions Relief at Risk as Court Suspends Opposition Primary Results
(S&P Global, 30.Oct.2023) — The Supreme Court of Justice (TSJ) in Venezuela ordered the suspension of the results of the opposition’s primary elections which was claimed to be won by MarĂa Corina Machado, and proclaimed as presidential candidate of the opposition, a decision that could put the relief of US […]
Asia May Have Little to Cheer from Lifting of Venezuelan Oil Sanctions
(S&P Global, 30.Oct.2023) — Asia may have little to cheer following the lifting of the sanctions on Venezuelan oil as increased competition for those Latin American cargoes could potentially make it difficult for buyers like China and India to source incremental cargoes from the supplier, prompting them to look at […]
Repsol CEO Josu Jon Imaz Comments on Venezuelan Opportunities
(Energy Analytics Institute, 26.Oct.2023) — Repsol SA CEO Josu Jon Imaz updated the analyst community on the Spanish company’s situation in Venezuela during a recent conference call. “In Venezuela, we welcome the latest developments with regard to the easing of the U.S. sanctions affecting the oil sector. This is, let […]
Venezuelan Oil-Sanctions Relief Was Just Announced. It Could Be Tested Soon
(Barron’s, 23.Oct.2023) — The U.S. administration’s new oil sanctions relief toward Venezuela is broad-ranging and impactful. It’s unlikely to have any immediate effect on international oil prices, but it will likely realign the regional oil trade, which will benefit the U.S. refining system. It will also test whether a different foreign policy—and […]
Venezuela’s Heavy Oil Output Rises Limited Following US Sanctions Relief: EIA
(EIA, 23.Oct.2023) — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) effectively lifted most U.S. sanctions on Venezuela’s energy sector on October 18 for six months, paving the way for additional exports of the heavy, sour crude oil the country produces. That type of crude oil has been […]
Fast Output Recovery Still Challenging in Venezuela
(WoodMac, 20.Oct.2023) — Addressing the US Treasury Department’s partially lifted sanctions on Venezuela’s oil and gas sector, Adrian Lara, principal research analyst, Latin America Upstream Oil and Gas for Wood Mackenzie said, “Although still conditioned by a subsequent renewal, this new easing of sanctions can certainly be considered a positive move […]
Trinidad Approved to Pay PDVSA
(Welligence, 19.Oct.2023) — Trinidad & Tobago (T&T) has received approval from the US government to pay PDVSA, the Venezuelan NOC, in cash for gas from Venezuela. The decision comes after a series of negotiations between all three countries, and is a vital step towards bringing Train 1 at Atlantic LNG (ALNG) back online, […]
FACTBOX: Top Candidates in Venezuela’s Opposition Primary
(Reuters, 19.Oct.2023) — Voters in Venezuela will on Sunday choose a unity candidate from among 10 hopefuls to represent the country’s opposition in 2024 presidential elections, when President Nicolas Maduro is expected to seek re-election. The primary is the first held by Venezuela’s opposition in over a decade. Favorite Maria Corina Machado is […]
Venezuela’s Oil Sanctions Relief May Lift Profits, No Fast Output Rebound
(Reuters, 18.Oct.2023) — A broad easing of U.S. oil sanctions on Venezuela will not quickly expand its output but could boost profits by returning some foreign companies to its oilfields and providing its crude to a wider set of cash-paying customers, experts said. The South American OPEC producer received broad waivers from […]
Venezuela to Divert Barrels from China if US Continues Easing Sanctions
(Reuters, 18.Oct.2023) — Exemptions to sanctions on Venezuelan oil exports that the U.S. is mulling should not result in a large crude production surge in the OPEC country, instead taking barrels away from its current main destination China, experts said. The administration of U.S. President Joe Biden plans to provide some […]
US Grants License Amendment to Trinidad for Joint Natgas Project with Venezuela
(Reuters, 17.Oct.2023) — The United States has granted an amendment requested by the government of Trinidad and Tobago to a license allowing the joint development of an offshore gas project with Venezuela, the Caribbean country’s Energy Minister Stuart Young said on Tuesday. The amendment would allow payments to Venezuela for any gas supplied […]
Oil Dips Below $90 a Barrel as US Agrees Venezuela Deal
(Reuters, 16.Oct.2023) — Oil futures fell on Monday on reports that the U.S. had agreed a deal to ease sanctions on Venezuela, while investors continued to mull the potential impact of the escalating Israel-Hamas conflict on oil prices. Brent futures were down $1.08, or 1.19%, at $89.81 a barrel at […]
Chevron Readies New Oil Drilling Push in Venezuela to Boost Output
(Reuters, 25.Sep.2023) — Chevron Corp (CVX.N) plans to add 65,000 barrels per day (bpd) of Venezuelan oil output by the end of 2024 through its first major drilling campaign in the nation since Washington allowed it to restore production clipped by U.S. sanctions, three people familiar with the matter said. The effort […]
Energy Chamber Welcomes Deal to Work on Dragon Field
(Energy Chamber, 21.Sep.2023) — The Energy Chamber is extremely pleased to hear the news that Trinidad & Tobago and Venezuela have signed an agreement to work on the Dragon field in Venezuelan waters. The Energy Chamber congratulates the Government of Trinidad & Tobago for delivering this agreement, and in particular […]
Trinidad and Venezuela Ink Gas-Related Deal
(Energy Analytics Institute, 20.Sep.2023) — The governments of Trinidad and Tobago and Venezuela signed a deal related to energy and bilateral trade. “As good neighbors and brothers, we have taken a gigantic step! With the signing of the agreement to work the Dragon field in Venezuelan waters that will lead […]
Maduro Says Venezuela, Trinidad Sign Deal to Share Gas Profits
(Bloomberg, 20.Sep.2023) — President Nicolás Maduro said Venezuela and Trinidad and Tobago have signed a profit-sharing agreement to export gas from the PDVSA-owned Dragon offshore project. The project, which was halted in 2020 due to US sanctions, entails using a field in Venezuelan waters to produce natural gas, which would […]
Venezuela: On the Exercise of Hydrocarbon Extraction Activities
(Contributor, Adaelizabeth Omaira Guerrero RodrĂguez, 18.Sep.2023) — The hydrocarbons industry constitutes the main resource of Venezuela, therefore, the study of this area should be the main interest of Venezuelans, in order to be able to make the most accurate decisions on the appropriate legal regime for its exploitation. State control […]
Citgo Petroleum Prices $1.10bn Senior Secured Notes
(Citgo, 14.Sep.2023) — Citgo Petroleum Corporation has priced $1.10bn aggregate principal amount of 8.375% senior secured notes due 2029 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. The closing of the offering is expected to occur on 20 September 2023, subject to customary […]
Citgo Valued at $32bn-$40bn Ahead of Auction of Shares
(Reuters, 12.Sep.2023) — Venezuela-owned oil refiner Citgo Petroleum has been valued by its parent company at between $32 billion and $40 billion, according to a court official during a hearing in Delaware on Tuesday. The value of the Houston-based refiner was disclosed during the hearing to update a U.S. judge […]
Which Creditors Will Have Priority for Citgo Share Auction?
(Reuters, 12.Sep.2023) — A U.S. judge in Delaware on Tuesday will set the procedure for an upcoming auction of shares in a parent of Venezuela-owned oil refiner Citgo Petroleum to satisfy more than $20 billion in claims by creditors. Dozens of companies and bondholders have flocked to U.S. courts to […]
Shell, Trinidad Weigh Venezuela’s Natural Gas Investment Plans
(Reuters, 5.Sep.2023) — Shell (SHEL.L) and Trinidad and Tobago’s National Gas Company (NGC) are close to agreeing to credit Venezuela’s state-run oil firm for its $1 billion investment in a gas field the three want to jointly develop, four people close to the discussions said. If agreed, the move could help speed […]
Exxon Mobil Wants its Piece of Citgo
(USA Today, 17.Aug.2023) — The transnational Exxon Mobil, along with 19 other creditors, registered their claims against Venezuela before a court in the United States, as part of the actions to strip the country of its main asset abroad. The US oil company takes advantage of the actions promoted by […]