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Jan. 24 (oilprice.com) Venezuela is often described as sitting atop the largest oil reserves on Earth. Officially, the country reports more than 300 billion barrels of proven oil—more than Saudi Arabia. To many readers, that figure implies vast, untapped wealth waiting only for political change to unlock it. But Venezuela did not become the world’s... Continue Reading →
Jan 23 (Reuters) - Chinese leader Xi Jinping assured his Brazilian counterpart on Friday that China would stand by Latin America's biggest economy and the Global South, and called for both nations to maintain the role of the United Nations, state news agency Xinhua said. Xi's comments in a telephone call with President Luiz Inacio... Continue Reading →
Jan 23 (Reuters) - SLB beat Wall Street estimates for fourth-quarter profit on Friday, as the world's top oilfield services provider benefited from the ChampionX acquisition and unveiled plans to return $4 billion to shareholders this year. The company closed the $7.75 billion all-stock acquisition of ChampionX last July, adding production chemicals and artificial lift technologies... Continue Reading →
Jan. 20 (oilprice.com) Oil production in South America’s Guyana has gone from strength to strength in recent years, as international oil majors develop several new oil-producing regions. This has led Guyana to become one of the most-promising oil producers in the Americas, with high hopes for the future of “low-carbon” oil production. Now, following the United... Continue Reading →
Jan 19 (Reuters) - Swedish investment platform Maha Capital is seeking approval from the United States to acquire an indirect minority stake in a PDVSA-controlled oil firm, Maha's chairman of the board, Paulo Thiago Mendonca, told Reuters on Friday. The firm has until May to exercise an option for a majority stake in a Novonor subsidiary... Continue Reading →
Jan 16 (Reuters) - Oil executives and lawyers for international oil companies are lobbying the U.S. and Venezuelan governments for changes in the OPEC member's hydrocarbon law that would give them the right to freely export the oil they produce in Venezuela, sources involved in the talks said. As the administration of U.S. President Donald... Continue Reading →
Jan. 16 (Reuters) Abu Dhabi state oil firm ADNOC is weighing entering Venezuela's energy industry and could seek a partnership with another international producer to participate in the nation's gas projects, Bloomberg News reported on Thursday, citing people familiar with the matter. Reuters could not immediately verify the report. XRG, ADNOC's international investments arm set... Continue Reading →
Jan 15 (Reuters) - Several European partners of Venezuela's state-run oil company PDVSA, including Spain's Repsol, Italy's ENI and France's Maurel & Prom, have applied for U.S. licenses or authorizations to export oil from the OPEC country, six industry sources told Reuters. The requested terms are similar to those granted by Washington in past years,... Continue Reading →
Jan 13 (Reuters) - French oil major TotalEnergies would consider returning to Venezuela but it is not a priority, its chief executive said on Tuesday. "People want to rush back to Venezuela but it will require a clear framework to be able to invest there and it will take time," CEO Patrick Pouyanne said at Abu... Continue Reading →
Jan. 12 (Reuters) U.S. oil producers already reeling from low oil prices are facing renewed pressures, as President Donald Trump pushes them to boost output in Venezuela - a move that would weaken the oil market, cut revenues and hurt industry at home. Trump has enacted policies that he says would unleash American energy and... Continue Reading →
Brazil Energy Insight 