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(Reuters) - Venezuela this year almost doubled its oil production from last year's decades-low as its state-owned company struck deals that let it pump and process more extra heavy crude into exportable grades. The surprising reversal began as state-run Petroleos de Venezuela (PDVSA.UL), known as PDVSA, won help from small drilling firms by rolling over... Continue Reading →
The U.S. is leaving Venezuelan operations of Chevron Corp. and top American oil-service companies at a standstill after President Nicolas Maduro’s socialist party came victorious in regional elections questioned by several Western nations. The U.S. Treasury Department on Wednesday extended until June. 1 its authorization for Chevron, Halliburton Co., Schlumberger, Baker Hughes Co. and Weatherford International Plc... Continue Reading →
(Reuters) - Whether fuel pump prices fall in 2022 depends on two groups of producers who are struggling to increase oil output in the wake of the pandemic: OPEC and its allies and U.S. shale firms. The global oil industry's slow response to the surging demand in 2021 has contributed to soaring energy costs and... Continue Reading →
(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 →
Brazil Energy Insight 