Venezuela Ratifies ‘Anti-blockade’ Law Aimed at Helping Oil Sector

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 →

May 14, 2021 0

Venezuela needs $58 bln to restore crude output to 1998 levels -document

(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 →

May 11, 2021 0

Venezuela: FSO Nabarima Finally Offloads Crude, Paving Way for Offshore Field Output Restart

A floating facility off the Venezuelan coast has finished offloading crude stored in it for the past two years due to U.S. sanctions, paving the way for output to resume in an oilfield, an official of the facility's operator said on Thursday. Operations to remove crude from the Nabarima floating storage and offloading facility (FSO),... Continue Reading →

April 9, 2021 0

First Crude Cargo from Guyana to India Sets Sail

(Reuters)The first cargo from new oil producer Guyana to the world's third-largest crude importer, India, departed this month from a production facility off the South American nation's coast in a vessel chartered by trading firm Trafigura, data from Refinitiv Eikon showed on Tuesday. India has asked refiners to speed up the diversification of imports to cut... Continue Reading →

March 24, 2021 0

Guyana to See Record Number of Offshore Wells Drilled in 2021

Guyana, a country that has become a deepwater oil and gas exploration hotspot mostly due to a string of discoveries made by ExxonMobil in recent years, is set for a record year when it comes to the number of offshore wells expected to be drilled in 2021, Rystad Energy said in a report Friday. Rystad... Continue Reading →

March 15, 2021 0

PDVSA Eyeing Export Options for Crude Oil from Nabarima FSO

Venezuela's state-run oil company PDVSA has begun marketing about 570,000 barrels of Corocoro medium crude recently offloaded from a floating facility that was listing last year, two sources with knowledge of the offer said on Friday. Crude onboard the Floating Storage and Offloading facility (FSO) Nabarima, operated by a joint venture between PDVSA and Italy's Eni,... Continue Reading →

February 1, 2021 0

Venezuela’s Oil Exports Plunge to 1940’s Level Under Tighter U.S. Sanctions

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 →

January 4, 2021 0

Venezuela: PDVSA Starts Oil Transfer from Troubled Offshore Facility to Barge

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 →

December 16, 2020 0

Chevron looks to Biden to preserve its Venezuela foothold

(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 →

November 19, 2020 0

U.S. Tells Eni Repairs to Venezuela Floating Oil Facility Not Barred by Sanctions

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 →

November 4, 2020 0

Blog at WordPress.com.

Up ↑

Category: Venezuela