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(Reuters) - Venezuela has suspended new crude shipments to Europe under an oil-for-debt deal and has asked Italy's Eni and Spain's Repsol to provide it with fuel in exchange for future cargoes, three people familiar with the matter said. Venezuela's oil company PDVSA no longer is interested in the oil-for-debt deals that the U.S. State... Continue Reading →
(Reuters) - Outages disrupting Venezuela's power and gas supplies to state-run energy firm PDVSA hit July oil exports, contributing to a 27% fall from the previous month, according to Refinitiv Eikon vessel tracking data and the company's internal documents. Oil sales from the OPEC-member country have zigzagged this year despite receiving supplies of diluents from... Continue Reading →
(Reuters) Crude oil spilling from one of state-run PDVSA's joint ventures has hit an environmentally sensitive area at Venezuela's eastern region, three sources close to the operations said on Tuesday. Oil spills and gas leaks have become frequent in recent years in Venezuela, where lack of investment and delayed maintenance have contributed to the deterioration... Continue Reading →
(Reuters) - Guyana's government expects that an upcoming auction for oil and gas blocks will attract new companies to its energy industry, President Irfaan Ali said on Monday, following years of domination by U.S. giant Exxon Mobil (XOM.N) and its partners. As part of his first official trip to Washington, Ali expects to hold talks with U.S.... Continue Reading →
Rystad Energy, an energy intelligence group, has revealed that Guyana’s burgeoning offshore oil and gas industry is poised to enter the big league with revenues set to break the $1 billion mark in 2022 and see a significant annual acceleration in 2030. This boost in revenue is powered by the Stabroek block, according to Rystad Energy’s research,... Continue Reading →
(Reuters) - A new battle for control of Citgo Petroleum, the eighth largest U.S. oil refiner and Venezuela's foreign crown jewel, could soon be unleashed under a proposed management shake-up by the South American country's opposition lawmakers. The revamping would come despite the company posting strong profits after two years of losses and could lead... Continue Reading →
(OEM) With two-thirds of global resources in their hands, seven National oil companies (NOCs) own the lion’s share of remaining discovered oil and gas resources, says Wood Mackenzie, an energy intelligence group. Following Russia’s attack on Ukraine, the outlook for the supply, demand, and price of hydrocarbons is constantly shifting, leading to a rewriting of energy trade... Continue Reading →
(Reuters) - Two U.S. investment funds on Tuesday said they formed a joint venture with a Venezuelan firm to pursue oil and gas exploration and production projects in the U.S.-sanctioned South American country. Gramercy Funds Management and Atmos Global Energy said their joint venture would work with an arm of Inelectra Group, a Caracas-based firm... Continue Reading →
(Reuters) - The first Venezuelan crude cargoes sent to Europe in two years helped lift the OPEC nation's oil exports by 61% last month after a series of setbacks earlier in the year, tanker tracking data and documents from state-run PDVSA showed. Italy's Eni (ENI.MI) and Spain Repsol (REP.MC) started taking Venezuelan crude after receiving a green light from... Continue Reading →
(Reuters) France wants sanctions-hit Iran and Venezuela to return to the oil markets to alleviate a Russian squeeze of energy supplies that has spiked prices, a French presidency official said on Monday. It also wants a planned mechanism to cap the price of oil to be as broad as possible and not be limited to Russian output. The French... Continue Reading →
Brazil Energy Insight 