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Pressured by strict U.S. sanctions, Venezuela's oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro. The administration of U.S. President Donald Trump also put curbs on PDVSA's main trading partners, the owners of tankers still transporting... Continue Reading →
Venezuelan state oil company Petroleos de Venezuela has begun transferring crude off of an offshore oil facility where governments in two neighboring countries have voiced concerns about a potential spill, two people familiar with the matter said on Tuesday. The company this week began the first of several transfers from the Nabarima floating storage and... Continue Reading →
(Bloomberg) --Chevron’s willingness to keep a foothold in oil-rich Venezuela will now be a thorny political issue for President-elect Joe Biden to sort out. The U.S. Treasury Department extended until June 3 its authorization for Chevron to carry out essential transactions in the country to preserve its assets, from a previous Dec. 1 deadline. Since... Continue Reading →
The United States has assured Italian oil company Eni SpA that efforts to prevent a spill at a floating crude facility in Venezuela would not run afoul of sanctions, the company, and the U.S. State Department said on Monday. Images in recent months showing the Nabarima floating storage and offloading facility (FSO), part of the... Continue Reading →
(Reuters) A Venezuelan floating oil facility that had been listing in recent weeks is upright and shows no sign of sinking, but plans to offload crude from the vessel posed some risks, the energy minister of neighboring Trinidad and Tobago said on Thursday. A team of experts from Trinidad inspected the Nabarima facility on Tuesday... Continue Reading →
(Reuters) Venezuelan state oil company Petroleos de Venezuela (PDVSA) plans to offload crude from the Nabarima floating oil facility via ship-to-ship (STS) transfer amid environmental concerns, two people familiar with the matter said on Monday. The Nabarima, part of PDVSA’s Petrosucre joint venture with Italy’s Eni SpA in the Paria Gulf off Venezuela’s eastern coast,... Continue Reading →
Leveraged by the pre-salt, Brazil was the fifth country that most increased oil production between 2011 and 2019, in the world. One of the main highlights of oil geopolitics in the decade of 2010, the expectation is that Brazil's relevance in the global market will increase even more in the coming decades. Valor’s Survey, based... Continue Reading →
CABIMAS, Venezuela — For the first time in a century, there are no rigs searching for oil in Venezuela. Wells that once tapped the world’s largest crude reserves are abandoned or left to flare toxic gases that cast an orange glow over depressed oil towns. Refineries that once processed oil for export are rusting hulks,... Continue Reading →
An idled oil storage facility off Venezuela's eastern coast is in "satisfactory" condition, an official with state company Petroleos de Venezuela said, after a series of incidents in recent months raised concerns about environmental hazards. About 1.3 million barrels of Corocoro crude have been stuck for over a year aboard the Nabarima FSO (floating storage... Continue Reading →
Venezuelan state oil company PDVSA and Italy's Eni are looking at options to safely offload crude from a floating storage facility on Venezuela's eastern coast that has remained idle for over a year due to U.S. sanctions, according to sources close to the discussions. The companies suspended output at their joint venture Petrosucre shortly after... Continue Reading →
Brazil Energy Insight 