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Sept 30 (Reuters) - Executives gathered in Caracas this week for the first large energy conference since Washington launched a $100 billion reconstruction effort for Venezuela's oil industry are warning about slow progress to clear the biggest obstacle for their expansion projects: unreliable power. With an unresolved electricity deficit of more than 1,500 megawatts (MW),... Continue Reading →
Sept. 30 (Reuters) Qatari producer UCC Oil and Gas Holding is in talks for its possible entrance into new fields in Venezuela, the company's head of Upstream, Erik Keskula, said on Tuesday at a conference in Caracas. UCC, British BP and XRG, a unit of United Arab Emirates' state company ADNOC, last month were granted... Continue Reading →
Sept 29 (Reuters) - Colombia's oil and gas producer GeoPark is planning a $7 billion investment in Venezuela's large Bare oilfield to increase crude output there to some 90,000 barrels per day by 2038 from a current 11,000 bpd, the company's chief executive, Felipe Bayon, said on Tuesday. With 15.7 billion barrels of original oil... Continue Reading →
Sept. 27 (oilprice.com) The Trump Administration is touting the new oil order in Venezuela as a tremendous opportunity for reviving the industry in the world’s biggest crude oil resource holder. The U.S.-led restructuring of the sector kicked out Russian and Chinese companies out of previously awarded concessions, and spurred a flurry of oil deals with... Continue Reading →
Sept 21 (Reuters) - The Inter-American Development Bank is drawing up a two-year engagement plan for Venezuela focused partly on electricity and social protection, IDB President Ilan Goldfajn said on Monday. “We are, of course, reengaging,” Goldfajn told Reuters in an interview. “We have missions to Venezuela, looking at the situation, dealing with the macroeconomic... Continue Reading →
Sept 21 (Reuters) - Halliburton has signed memorandums of understanding with Brazilian energy company Eneva and WESCA to pursue oil and gas development opportunities in Venezuela, the U.S. oilfield services provider said on Monday, as companies seek a potential revival of investment in the country's long-underdeveloped energy sector Companies with existing positions in Venezuela, as... Continue Reading →
Sept. 16 (OE) Çan2 Termik's subsidiary Minerosol Group has signed a 20-year operating and production agreement with Venezuela's PDVSA for the CEMA (Petrokariña) oil field, with a planned investment budget of $381.7 million over the contract period. The agreement grants exclusive rights and includes the right to an additional 20-year extension subject to approval. The... Continue Reading →
Sept 5 (Reuters) - The billionaire who helped broker the Trump administration’s sweeping long-term oil deal with Venezuela was until recently a target of U.S. money-laundering investigations involving funds embezzled from the state-owned oil company PDVSA. Now, after assisting U.S. authorities ahead of the capture of authoritarian leader Nicolas Maduro, Alejandro Betancourt is Washington’s key... Continue Reading →
Sept 4 (Reuters) - The U.S. government structured its 35% position in a Venezuelan oil venture as warrants that protect Washington's stake from being weakened by fresh raises of capital, a U.S. official said. Speaking on Thursday about the deal announced last week by President Donald Trump, the official said the Pentagon structured the stake... Continue Reading →
Sept 4 (Reuters) - Italian oil company Eni has improved its chances of recovering more than $2.3 billion owed by Venezuela with the signing this week of a new oil project deal in the country, analysts said on Friday. After nearly three decades in Venezuela, Eni has accumulated those receivables from state-owned oil group PDVSA. As Washington and... Continue Reading →
