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(Reuters) - Venezuela's oil exports last month surpassed 700,000 barrels per day (bpd) as supplies of imported diluents boosted production and shipments, according to documents from state-run firm PDVSA and Refinitiv Eikon tracking data. The OPEC-member country's largest oil producing region has regained its output and blending capacity in recent weeks after Iran, one of... Continue Reading →
(Reuters) - Crude output in Venezuela's key Orinoco oil belt plunged by a quarter to less than 300,000 barrels per day (bpd) in August due to a shortage of diluents needed to blend with the region's extra-heavy crude, documents seen by Reuters showed. The drop comes as state oil company PDVSA directs more medium and... Continue Reading →
(Reuters) - 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 in corporate bankruptcy proceedings and have... Continue Reading →
(OE) Venezuela's national oil company PDVSA is reportedly preparing to resume production from the Corocoro offshore oil field. Reuters said Thursday, citing people familiar with the matter, that PDVSA would use the Cororoco oil to feed its refineries. The Corocoro oil field, in which the Italian oil firm Eni is a partner as part of... Continue Reading →
(Reuters) - Glencore (GLEN.L) will return $2.8 billion to shareholders in 2021 after soaring commodity prices helped the mining and trading company to a record performance for the first six months of the year, it said on Thursday. The London-listed company joins rivals Rio Tinto (RIO.L) and Anglo American (AAL.L) in declaring bonanza payouts after record half-year profits buoyed by a... Continue Reading →
(Reuters) - Norway's Equinor (EQNR.OL) and France's TotalEnergies (TTEF.PA) have agreed to sell their stakes in Venezuela's onshore Petrocedeno project to a unit of state oil firm PDVSA, which will become the sole owner, Equinor said on Thursday. TotalEnergies separately confirmed the transaction and said it would mean a loss of $1.38 billion for the French company. Prior to... Continue Reading →
(Reuters) - 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 Latin American oil producers. The tougher... Continue Reading →
Chevron Corp, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the Treasury Department said on Tuesday. The United States beginning in 2019 imposed sanctions barring imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela's state-run... Continue Reading →
Venezuela's Socialist party-controlled National Assembly on Thursday ratified an "anti-blockade" law, as President Nicolas Maduro seeks to attract private investment to boost the OPEC nation's struggling economy despite U.S. sanctions. The law, which applies to the country's key oil sector, allows companies to sign deals confidentially to avoid being sanctioned themselves. "This constitutional law aims to establish... Continue Reading →
(Reuters) Venezuelan state oil company PDVSA would need $58 billion in investment to revive its crude production to the levels of 1998 before ex-President Hugo Chavez came to power, equivalent to 3.4 million barrels per day (bpd), a document seen by Reuters shows. In the February 2021 document entitled "Investment Opportunities," Petroleos de Venezuela's (PDVSA.UL)... Continue Reading →
Brazil Energy Insight 