(Bloomberg, 27.Dec.2021) — Venezuela says it’s pumping the most oil since harsh U.S. sanctions strangled state-owned oil company Petroleos de Venezuela SA more than two years ago. Not everyone believes it. PDVSA, as the Caracas-based explorer is known, reported more than 1 million barrels of daily output in a Dec. 24 Twitter post. […]
Tag: PDVSA
How Venezuela Pulled its Oil Production Out of a Tailspin
(Reuters, 27.Dec.2021) — Venezuela this year almost doubled its oil production from last year’s decades-low as its state-owned company struck deals that let it pump and process more extra heavy crude into exportable grades. The surprising reversal began as state-run Petroleos de Venezuela, known as PDVSA, won help from small […]
NRGBriefs: Venezuelan Oil Production Touches 1 MMb/d
(Energy Analytics Institute, 24.Dec.2021) — Energy briefs including Venezuela supposedly reaching the 1 MMb/d oil production mark; and SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) commencing commissioning and ramping up activities at Çöpler’s sulfide plant flotation circuit in Peru. LATIN AMERICA AND THE CARIBBEAN Peru — SSR Mining Inc. […]
NRGBriefs: Trinidad To Reveal Ryder Scott Details
(Energy Analytics Institute, 8.Dec.2021) — Energy briefs including Argentina aspiring to produce 1 MMb/d in five yrs; Trinidad and Tobago looking to reveal details of a new Ryder Scott gas reserve report; rumors circulating about the health of Venezuela’s oil minister Tareck El Aissami; and more. LATIN AMERICA AND THE […]
Venezuela: Nov. Oil Output Rises To 660 Mb/d
(S&P Global Platts, 30.Nov.2021) — Oil production by Venezuela’s state PDVSA and its foreign partners rose to 660,000 b/d in November, up 40,000 b/d from October, Nov. 30 PDVSA production reports reviewed by S&P Global Platts showed. Orinoco Belt output rose to 420,000 b/d, up 40,000 b/d from the 380,000 […]
Citgo 6 Remain Pawns In A US-Venezuela Standoff
(CNN, 26.Nov.2021) — The phone connection between a Venezuelan prison cell and Houston, Texas, crackles and fades. Jorge Toledo sounds tired. He’s been held for four years, one of six former executives of Venezuela’s US-based oil refining company CITGO convicted of corruption. The sounds of prison life echo as he […]
Venezuela Slashes Oil Production Target
(Bloomberg, 5.Nov.2021) — Venezuela’s state oil company slashed its output target by one-third as years of corruption, brain drain and inadequate investment crippled the nation’s energy infrastructure. PDVSA cut its daily production target to 1 million barrels from a 1.5-million-barrel goal announced in January, according to a company document seen […]
Venezuelan Elections To Not Bring Sanctions Relief
(Platts, 4.Nov.2021) — Any major easing of US oil sanctions against Venezuela remains off the table, but the country’s Nov. 21 elections could provide a chance for relief around the edges like a restart to crude-for-diesel swaps. Candidates backed by President Nicolas Maduro are expected to sweep the local and […]
Citgo Ex-President Suffers Mild Heart Attack In Venezuela Jail
(Reuters, 26.Oct.2021) — The former president of oil refiner Citgo, a U.S. subsidiary of Venezuelan oil company PDVSA, suffered a mild heart attack in prison in Caracas and was transferred to a hospital, his lawyer told Reuters on Tuesday. Jose Pereira is one of six former company executives, all naturalized […]
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NRGBriefs: Venezuelan Production Goals [PDF Download]
(Energy Analytics Institute, 25.Oct.2021) — Energy briefs including Venezuela’s near-term oil production goals; Petrobras’ plans to host two 3Q:21 webcasts using Microsoft Teams; B2Gold Corp. entering into a binding agreement w/ West African Resources Limited; and more. LATIN AMERICA AND THE CARIBBEAN Brazil — On 29 Oct. 2021 Petobras will […]
Citgo Boards In Last-ditch Talks With Washington
(Reuters, 22.Oct.2021) — The supervisory boards of Venezuela-owned Citgo Petroleum, racing to stave off a breakup of the eighth largest U.S. oil refiner, have held talks with U.S. officials in Bogota, Colombia, seeking to extend Washington’s protection while Citgo pursues negotiations with creditors, Reuters has learned. Citgo is running out […]
NRGBriefs: Renewable Energy Ops In The Caribbean
(Energy Analytics Institute, 15.Oct.2021) — Energy briefs including details of four renewable energy-exporting opportunities in the Caribbean in Barbados, Jamaica, Trinidad and Tobago and Guyana; TotalEnergies extending the contract for the Maersk Voyager in Angola for Ondjaba-1; and more. EVENTS — The Caribbean Renewable Energy Forum 2021 takes place from […]
Venezuela’s Coastal Villages Suffer As Oil Spills Rise
(Reuters, 6.Oct.2021) — Rebeca Reyes furiously scrubbed black tar from her kids’ arms after they swam in waters tainted by crude oil during a recent outing to Venezuela’s Punta Cardon beach. A breach in an undersea pipeline owned by state-run oil company PDVSA that had gushed for at least 10 […]
NRGBriefs: ANP Resolution, Ramirez Extradition Request
(Energy Analytics Institute, 23.Sep.2021) — Energy briefs from the LAC region including: Brazil’s ANP approving a resolution to regulate a reduction in royalties, a court in Rome rejects Nicolas Maduro’s request to extradite former PDVSA head Rafael Ramirez, and the BODs of APA Corp. declaring a regular cash dividend. LATIN […]
ConocoPhillips Steps Up Push To Collect PdV Debt
(Argus, 23.Sep.2021) — ConocoPhillips stands out in Venezuela’s vast universe of jilted creditors and claimants as a potential future commercial partner for state-owned PdV, a distinction that is driving aggressive international enforcement actions and quiet overtures for Caracas to resume payments of the company’s arbitration debt. The US independent’s $10bn […]
Rome Court Rejects Extradition Bid For Ex-Oil Czar
(AP, 20.Sep.2021) — A Rome court has rejected a request by Venezuela to extradite its former oil czar to face corruption charges, citing the country’s record in violating human rights, his Italian lawyer said Monday. Rafael Ramirez, the longtime head of Venezuela’s PDVSA state oil company, fled to Italy after […]
US To Consider Citgo Shares Sale Next Year
(Bloomberg, 15.Sep.2021) — The U.S. will consider authorizing the sale of Citgo Petroleum Corp. shares early next year, after the mandate of the Venezuela opposition government ends, according to a court document. The U.S. Treasury said it may reasses the sale of shares of Citgo’s parent company, PDV Holding Inc., […]
Private Equity Group Expects Venezuela Bet To Pay Off
(Reuters, 10.Sep.2021) — A private equity group expects a contrarian bet it made this year on Venezuela’s oil and gas sector to pay off soon, with the socialist government making reforms to attract capital to the OPEC nation after years of U.S. sanctions and sparse investment. Executives at Caracas-based Sucre […]
Venezuela Restarts Problematic Refinery To Meet Gasoline Goals
(Bloomberg, 9.Sep.2021) — Venezuela is pushing to restart a key gasoline refinery despite questions over ongoing maintenance problems as it attempts to double fuel production to fill a shortage that has caused long lines at pumps across the country. State oil firm PDVSA began partial operations in three units at […]
CNPC prepares to revive Venezuela operations
(Bloomberg, 1.Sep.2021, Words: 597) — China’s top oil producer is laying the groundwork to revive output in Venezuela as President Nicolas Maduro finalizes legislation to attract more international investment. Once a major investor in the OPEC nation, China National Petroleum Corp. is sending engineers and commercial staff there and vetting local companies […]
Venezuela Sees Refinery Debt Swap As Model For Future Deals
(Reuters, 25.Aug.2021) — Venezuela’s socialist government sees the swap it made last week of shares in a Dominican oil refinery for defaulted bonds as a possible model for future deals, as it seeks to mend ties with creditors, four people familiar with the operation said. Such debt-for-equity swaps are common […]
Venezuela Swapped Oil For Food, Then Punished Dealmakers
(Reuters, 24.Aug.2021) — With U.S. sanctions spooking key oil buyers and depriving its government of cash, Venezuela last year inked a deal with a little-known local company to swap crude for food, Reuters has learned. That agreement saw state oil company PDVSA, beginning in December 2020, deliver more than 6 […]
Citgo Envisions Oil ‘Bridge’ To Venezuela
(Argus, 23.Aug.2021) — US refiner Citgo has been effectively cut off from its Venezuelan state-owned parent PdV since 2019, but it is still constrained by heavy debt while multiple creditors nip at its heels. In the first part of a two-part interview, chief executive Carlos Jordá spoke with senior contributing […]
PDVSA Cedes Stake In Refidomsa Refinery
(Reuters, 19.Aug.2021) — Venezuelan state oil company PDVSA has given up its 49% stake in a Dominican refinery as part of a swap for some of its defaulted bonds, the Dominican Republic’s finance ministry and Venezuela’s oil minister said in statements on Thursday. The transaction represents a small breakthrough between […]
US Still Shows Strong Appetite For Russian Oil
(S&P Global, 3.Aug.2021) — The US is still showing strong demand for imports of Russian crude and fuel oil feedstocks, which analysts expect to continue as long as the economy is recovering and US sanctions keep Venezuelan crude off the market. The trend comes at a tricky time in US-Russia […]
France’s TotalEnergies exits Petrocedeño JV in Venezuela, concedes $1.38bn capital loss
CARACAS, VENEZUELA (Piero Stewart, Energy Analytics Institute, 29.Jul.2021, Words: 161) — TotalEnergies, through its affiliate Total Venezuela, has decided to transfer its non-operated minority participation of 30.32% in Petrocedeño S.A. to Corporation Venezonala de Petróleos (CVP), an affiliate of Petróleos de Venezuela (PDVSA). Equinor having also decided to transfer in […]
Equinor Sales Faja Stake To CVP
(Equinor, 29.Jul.2021) — Equinor and state-owned Petróleos de Venezuela (PDVSA) have completed a transaction whereby Equinor will transfer its 9.67% non-operated interest in the Petrocedeño project onshore Venezuela to Corporación Venezolana del Petróleo (CVP), a PDVSA company. The Petrocedeño project aims to upgrade extra-heavy crude oil into lighter crude from […]
LatAm Briefs: Train 1 Mothballing, CVP Appointments
(Energy Analytics Institute, 28.Jul.2021) — Energy briefs from the Latin America and Caribbean region including: rising Brazilian imports of US LNG, Ecopetrol’s electric vehicles fleet, Hess reports 2Q:21 results, Trinidad ponders mothballing Atlantic LNG’s Train 1, new appointments at CVP in Venezuela, and more. Brazil — Brazil’s imports of US […]
Sanctioned Citgo At Disadvantage To Rivals
(Reuters, 23.Jul.2021) — Sanctions barring U.S. imports of Venezuelan crude put refiner Citgo Petroleum Corp at a disadvantage to better-financed rivals, the board chair named by Venezuela’s political opposition for state oil company PDVSA said on Friday. Many refineries on the U.S. Gulf Coast – including Citgo’s facilities in Texas […]
Venezuelans Enduring Day-Long Waits to Fill Gasoline Tanks
(Bloomberg, 23.Jul.2021) — Venezuela’s capital city is once again rationing gasoline after output at state-owned refineries slumped, forcing motorists to endure day-long queues to top off tanks. Shortages have returned to Caracas, prompting drivers to prowl the streets for open filling stations as lines stretch for blocks in some areas. […]
China’s CCPC Takes Center Stage In Iran
(Reuters, 22.Jul.2021) — A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude, seven sources with knowledge of the deals told Reuters. The more prominent role […]
US Extends Protection For Citgo
(Reuters, 20.Jul.2021) — The United States on Tuesday extended a measure protecting Venezuelan-owned U.S. refiner Citgo Petroleum Corp PDVSAC.UL from bondholders seeking a stake in the company to collect on unpaid debts from state-owned oil company PDVSA, Citgo’s owner. Holders of PDVSA’s 2020 bond, which is backed by a majority […]
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US Extends Citgo Protection [PDF Download]
(Department of the Treasury, 20.Jul.2021) — The Office of Foreign Assets Control (OFAC) issued the following update to General License No. 5G related to PDVSA and Citgo Petroleum. Venezuela Sanctions Regulations 31 CFR Part 591 GENERAL LICENSE NO. 5G Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 […]
Cyprus Emerges As sanctions Workaround For Venezuela
(Lloyd’s List, 14.Jul.2021) — Until last year, Greek shipowners accounted for 80% of crude lifted from Venezuela, undeterred by US sanctions. Then, six vessel-owning companies connected with four prominent owners were briefly blacklisted for breaching US sanctions, forcing all Greek-owned vessels involved in these trades to rethink and recalibrate business […]
Italian Court Accepts Extradition Request For Former Minister Ramirez
(Reuters, 14.Jul.2021) — An Italian court on Wednesday approved an extradition request for Venezuela’s former Oil Minister Rafael Ramirez, who is charged with corruption, Venezuelan state television said. Authorities in the South American country had sought an Interpol red notice – a request to law enforcement worldwide to locate and […]
Citgo Dismisses LPG Supply Plan For Venezuela
(Argus, 13.Jul.2021) — Citgo, the US refining arm of Venezuelan state-owned PdV, told Argus it has no immediate plan to supply LPG to Venezuela under new US authorization for sale of the cooking fuel to the Opec country. “We are aware that OFAC recently issued General License 40, authorizing certain transactions involving […]
US OKs LPG Exports To Venezuela
(Energy Analytics Institute, 12.Jul.2021) — The US Office of Foreign Assets Control (OFAC) issued general license no. 40 which allows “all transactions and activities related to the exportation or reexportation, directly or indirectly, of liquefied petroleum gas to Venezuela, involving the government of Venezuela, Petróleos de Venezuela, S.A. (PDVSA), or […]
Venezuela Resorts To Upgraded Oil For Refineries
(Reuters, 8.Jul.2021) — Venezuela’s state-run oil company PDVSA has started producing two upgraded crude grades for domestic refining, aiming at reanimating the country’s much-needed output of motor fuels, according to a company document and sources close the decision. Years of under-investment in PDVSA’s 1.3 million-barrel-per-day capacity refining network and U.S. […]
Brazil’s Lower-Sulphur Fuel Booms In Asia
(Reuters, 1.Jul.2021) — Brazil is growing its marine fuel oil exports to Asia’s lucrative premium hubs, where rules mandating lower sulphur content have been squeezing out most of its Latin American peers, according to sources and data. Fuel oil exports are the second largest source of energy revenue for most […]
Venezuelan Oil Sector Still Confronts Headwinds
(Energy Analytics Institute, 29.Jun.2021) — Venezuela continues to confront headwinds from legal uncertainties to transparency issues to a new tariff on its bitumen exports to China that make it hard for the country to boost production, former Petróleos de Venezuela (PDVSA) Director José Toro Hardy said on 29 June 2021 […]
LatAm Briefs: Chile’s Green Plans, Venezuelan Oil Output
(Energy Analytics Institute, 29.Jun.2021) — Energy briefs from the Latin America and Caribbean region including: Chile and Germany inking a green hydrogen deal, EP PetroEcuador reaching an agreement with the community of El Edén to lift a 45-day blockage, Venezuela’s oil production averaging around 570,000 barrels per day, and more. […]
PDVSA Restarts Drilling Campaign Suspended Since 2019
(S&P Global, 29.Jun.2021) — In the second half of the year, Venezuela’s state-owned PDVSA will restart the drilling of oil wells while intensifying work to open 3,700 shuttered wells and to recover compression and gas injection capacity needed to increase crude output, according to an internal “Operational Follow-up Plan” report […]
Citgo Reveals New Director Appointments
(Citgo, 23.Jun.2021) — The Boards of Directors of Citgo Holding, Inc. and Citgo Petroleum Corporation announced new appointments to their respective Boards of Directors. Elio José Tortolero, Samuel Wilhelm, and Ernesto José Hernández Bolívar have been named to the Citgo Holding Board, with Glixon Mavarez and Pablo Pérez continuing as […]
Uncertainties In Venezuela Around Arrival Of More Iranian Gasoline
(Energy Analytics Institute, 22.Jun.2021) — Venezuelan economist José Toro Hardy said it was unclear when additional Iranian tankers carrying gasoline would reach the South American country’s coasts. Venezuela could encounter another diesel shortage in coming months; hence, reason Hardy said it was urgent to try to prepare for the shortage […]
US Rejects Maduro’s Call For Biden To Lift Venezuela Sanctions
(Bloomberg, 20.Jun.2021) — President Joe Biden’s administration rejected Nicolas Maduro’s call for relief from U.S. sanctions, saying the Venezuelan leader needs to do more toward restoring democracy before penalties would be lifted. Maduro, a target of crippling U.S. sanctions under former President Donald Trump, reached out to Biden in an […]
Biden’s Venezuela Policy In Holding Pattern As Maduro Outlasts Pressures
(S&P Global, 18.Jun.2021) — After Venezuelan President Nicolas Maduro outlasted the Trump administration’s maximum sanctions pressure, US President Joe Biden will have to decide whether to offer Venezuela limited sanctions relief or more, amid calls from the left in Congress for humanitarian relief. An easing of some sanctions would only […]
PDVSA’s Cardón refinery producing between 40,000-50,000 b/d
CARACAS, VENEZUELA (By Energy Analytics Institute, 10.Jun.2021, Words: 90) — The Cardón refinery operated by state-controlled Petroleos de Venezuela (PDVSA) in Punto Fijo, Venezuela is currently processing between 40,000-50,000 barrels per day of gasoline compared to demand of around 80,000 b/d. Cardón is the PDVSA’s only operating refinery, the daily […]
Venezuelan Oil, Masked As Malaysian, Rushes Into China Ahead Fuel Tax
(Reuters, 3.Jun.2021) — Traders are racing to deliver record volumes of Venezuelan crude oil masked as Malaysian bitumen blend to China, ahead of new fuel taxes that look set to upend the lucrative flow of sanctioned oil to the world’s top crude importer. China has over the past 12 months […]
LatAm Briefs: EP PetroEcuador Tenders, Ofac License Extension To Chevron
(Energy Analytics Institute, 2.Jun.2021) — Energy briefs from the Latin America and Caribbean region including: EP PetroEcuador generating $768mn thru ten tenders of Oriente and Napo crude oil between January and May 2021 and the US’ OFAC extending a general license to Chevron and others to continue operating in Venezuela. […]
Venezuela Adjusts As Sanctions Spur Western Oil Partners To Retreat
(Reuters, 1.Jun.2021) — Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation’s oil sector, according to interviews with a half dozen industry sources, as U.S. companies win a reprieve to maintain a limited presence […]