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Aug 5 (Reuters) - India's top explorer, Oil and Natural Gas Corp (ONGC), hopes to soon sign agreements with Venezuela to operate two oil blocks under the South American nation's new petroleum law, its finance chief said on Wednesday. State-run ONGC, through its overseas investment arm ONGC Videsh, holds a 40% stake in the San... Continue Reading →
July 29 (Reuters) - The Paraguana Refining Center in Western Venezuela once symbolized the country's oil wealth and its ambition to turn vast crude reserves into fuels and export revenue. Today, the 955,000-barrel-per-day complex in Falcon state runs at a fraction of capacity, a decline decades in the making and unrelated to the strong earthquakes... Continue Reading →
July 14 (Reuters) - Shell has begun tendering for drilling services for its Dragon offshore gas project in eastern Venezuela, part of a plan to drill four wells there beginning in the second quarter of 2027, according to two people familiar with the process. The contract is expected to be awarded by the end of September, the... Continue Reading →
June 23 (oilnow.gy) Venezuela’s efforts to restructure more than US$150 billion in sovereign and oil company debt could improve investor confidence in its energy sector, but obligations to China may complicate any final agreement, according to experts interviewed by S&P Global. The June 12 report noted that Venezuela’s total external debt is estimated at between... Continue Reading →
June 11 (Reuters) The United States has become the world's largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies' grip on energy markets as Washington's war with Iran reshapes global energy trade. America's ascendancy to the top spot marks a stunning reversal for a... Continue Reading →
June 8 (oilnow.gy) Going back to Venezuela might be a stretch for big oil with other more attractive places nearby like Guyana. That was the assessment from Texas-based energy attorney Ted Borrego in an S&P Global article published May 20, as analysts weighed whether Venezuela’s planned debt restructuring could eventually reopen the door to major... Continue Reading →
June 5 (Reuters) - The U.S. designation of Brazil's biggest criminal groups as Foreign Terrorist Organizations (FTOs) starting Friday is likely to increase the risks and costs of doing business in a country where gangs have had years to penetrate the formal economy. The two biggest Brazilian crime syndicates, the Comando Vermelho (CV) and Primeiro... Continue Reading →
June 1 (Reuters) - The Trump administration has proposed a new punitive tariff of 25% on many imports from Brazil, after deciding its practices were unfair on a range of issues from digital trade to illegal deforestation, top trade official Jamieson Greer said on Monday. The measures, under the Section 301 trade legislation, cover areas... Continue Reading →
May 31 (World Oil) – ExxonMobil and ConocoPhillips are pushing for durable contract terms and a way to resolve billions of dollars owed to them as they consider re-entering Venezuela after exiting the country two decades ago. Both companies are in active negotiations with President Delcy Rodríguez’s government about tapping Venezuela’s vast oil reserves. While they’ve recently said Venezuela has... Continue Reading →
May 26 (oilnow.gy) Guyana is seen as a more attractive oil investment destination as Venezuela works through a sovereign debt restructuring process that analysts say could take years to complete, according to an S&P Global analysis published on May 20. The report examined Venezuela’s plans to restructure sovereign debt and obligations tied to state oil... Continue Reading →
Brazil Energy Insight 