Long-term pressures on the oil sector in Venezuela won’t be resolved anytime soon, so production woes are expected to continue, a U.S. energy report found. Lingering production declines from Venezuela Continue Reading
With trends on par with the Permian shale basin in the United States, Guyana is big enough to be transformative even for the supermajors, analysis found. Exxon Mobil Corp. and Continue Reading
Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has Continue Reading
Venezuela has the ability to boost crude output by 1 million barrels per day (bpd) by end of the year in its bid to recover lost production, but the oil Continue Reading
New policies enacted by Brazilian energy regulators facilitate construction of the production infrastructure needed to crack into offshore oil, a report found. A compromise solution from the National Agency of Continue Reading
The U.S. sanctions against Venezuela are affecting consumers worldwide and are an attack on the oil market, Venezuelan Oil Minister Manuel Quevedo said on Thursday. The minister, speaking at an Continue Reading
Ahead of what could be pivotal talks among OPEC members, production from founding member Venezuela could hit new lows soon, an industry report found. State-backed oil company Petróleos de Venezuela, Continue Reading
There are now signs that its oil industry is entering a dangerous new phase. Argus Media reports that Venezuela has begun to “proactively shut in oil production to cope with Continue Reading
Venezuela has begun to proactively shut in oil production to shut-in nearly replete terminal storage, further accelerating an output decline and bringing the Opec country closer to the psychological barrier of Continue Reading
Equity production from offshore Brazil more than doubles after the completion of an acquisition in the Campos oil basin, Norwegian company Equinor said. Equinor, formerly known as Statoil, said Friday Continue Reading
