Venezuela’s state-held oil firm PDVSA has cut its outstanding debt to the largest Russian oil producer, Rosneft, to below US$1 billion, Russia’s oil giant, one of the few companies still Continue Reading
Brazil may be able to produce in the future as much as 7 million barrels of oil per day (bpd), Mines and Energy Minister Bento Albuquerque said on Wednesday, without Continue Reading
What would have been Brazil’s biggest oil auction ever has ended in a near-total flop, as oil majors steered clear of the pricey oil areas up for grabs. Brazil was Continue Reading
Financial crisis has made borrowing rates ‘unreasonable’ At least four groups are eyeing the project More pipeline capacity is needed to further develop Vaca Muerta gas Mar del Plata, Argentina Continue Reading
The glut of oil inventory that Venezuela has been nearly choking on in recent months appears to be finally draining, according to Reuters data, as the crisis-stricken country managed to Continue Reading
Shale oil production surpasses 100,000 b/d Shale growth offsets drop in conventional output September gas output rises 10.6% on year Buenos Aires — Oil and natural gas production in Neuquen, Continue Reading
The Government of Canada has warned nationals to avoid traveling to Haiti as violent protests and widespread civil unrest has been taking place across the nation for several weeks. According Continue Reading
The federal police in Brazil said on Friday they are investigating a Greece-flagged ship that may have been the origin of a mysterious oil spill that washed up on more Continue Reading
Spain will host U.N. climate change talks in December after Chile withdrew, the United Nations said on Friday, a last-minute switch which raises big logistical challenges and has left activist Continue Reading
Just as Brazil is preparing to hold what could be a blockbuster US$50-billion oil auction in early November, an oil spill of still unknown origin on more than 200 beaches Continue Reading
The power supply crisis in Venezuela is highly likely to continue in the coming months, affecting everyday life and paralyzing oil production in the country sitting on top of the Continue Reading
Exxon may not be interested in stepping up to the bidding plate at Brazil’s massive $50 billion transfer of rights auction next week, because the oilfields up for grabs come Continue Reading
Madrid has offered to hold the next United Nations climate talks, the leaders of Spain and Chile announced on Thursday. The announcement came a day after Chile said it could Continue Reading
Sebastián Piñera, centre, said his government needed to concentrate on “re-establishing public order” Chile has pulled out of hosting two major international summits, including a UN climate change conference, as Continue Reading
At least one large international oil player will refrain from taking part in the so-called transfer-of-rights oil auction Brazil has scheduled for next week. Repsol Sinopec, a joint venture between Continue Reading
Two more Guyana exploration wells planned Has success in US Gulf of Mexico Esox discovery Bakken output up 38% year over year on better wells Hess Corp’s first oil in Continue Reading
As global oil firms make ever-bigger bets on Brazil’s massive deepwater fields in its ‘subsalt’ area, a swarm of small and mid-sized companies has sprung up to specialize in lower-profile Continue Reading
Brazil’s President Jair Bolsonaro floated the idea of joining OPEC during a visit to Saudi Arabia. Appearing at the so-called “Davos in the Desert,” Bolsonaro expressed interest in OPEC. “I Continue Reading
PDVSA’s 2020 bond payment that is due today is largely expected to go into default by tomorrow, but the collateral used to back the bond, the US-based Citgo refinery, may Continue Reading
The U.S. Treasury is blocking for 90 days creditors from seizing shares in Venezuela’s U.S. subsidiary Citgo, temporarily shielding the prized Venezuelan asset in a win for Venezuela’s opposition and Continue Reading
Russia’s Rosneft ‘Central’ to Maduro’s Survival: Russian state oil company Rosneft is “central” to the survival of Venezuelan President Nicolás Maduro’s government, said special U.S. representative for Venezuela Elliott Abrams, Continue Reading
The US government will prevent PDVSA creditors from taking control of US refiner Citgo at least for the next three months as Venezuela’s interim administration is poised to miss a Continue Reading
Russia is considering sending a permanent delegation of economic advisers to Venezuela to help Caracas resolve issues with foreign creditors, Deputy Finance Minister Sergei Storchak said on Thursday. Storchak said Continue Reading
Brazil’s state-run oil company, Petrobras, is about to get hit with a general strike action from a group representing no fewer than 12 oil worker unions, according to the group’s Continue Reading
Motorists in socialist Venezuela have long enjoyed the world’s cheapest gasoline, with fuel so heavily subsidized that a full tank these days costs a tiny fraction of a U.S. penny. Continue Reading
The U.S. government granted Chevron another three-month extension to a sanction waiver that allowed the supermajor to continue doing business in Venezuela, quenching concerns it would have to up and Continue Reading
The US may intervene in the interim Venezuelan government’s legal fight with creditors over control of Citgo, but it wants negotiations over this weekend’s bond payment deadline to play out Continue Reading
Brazil’s Petrobras could take over marketing of the government’s share of crude from offshore oilfields, a government official told Reuters, adding significantly to the state-run oil firm’s trading operations. Pre-Salt Continue Reading
The US government has given Chevron and four oil service providers permission to keep working in Venezuela for another three months, extending their exemption from oil sanctions that have hit Continue Reading
Ecuador has restarted crude oil exports after massive protests caused the country’s oil industry to more or less grind to a halt. “All exports that were suspended will be rescheduled Continue Reading
With the $2 he earns in wages each week working as a cargo driver for Venezuelan state oil company PDVSA, 56-year-old Freddy Brito cannot even afford to buy one kilogram Continue Reading
Venezuela will not hand over control of its cash-strapped state oil firm PDVSA to Russian oil giant Rosneft, a close aide to Nicolas Maduro told Russian news agency RIA Novosti Continue Reading
The Venezuelan government is readying to hand over control over state oil company PDVSA to Russia’s Rosneft , a local newspaper has reported, citing sources from the industry. Russian TASS Continue Reading
Chevron is pushing back against the Trump administration’s plans to let the company’s Venezuela sanctions waiver expire, arguing such a move could ultimately drive oil production up, bolstering both the Continue Reading
Venezuela’s opposition is getting ready to file within days a lawsuit in the United States seeking to prevent bond holders of Venezuelan state oil firm PDVSA from going after shares Continue Reading
Venezuela’s PDVSA and its partner CNPC have restarted operations at their jointly operated Sinovensa project, where an oil blending plant was shut down last week because of the buildup of Continue Reading
Ecuador’s state-run oil company, declared on Wednesday a force majeure on all oil trading operations, according to an evening Tweet by Petroecuador, citing mass protests that have disrupted the country’s Continue Reading
ExxonMobil, Chevron, Shell, BP, and Total all won oil exploration blocks offshore Brazil in the first of three bidding rounds this year which fetched a record total amount of signing Continue Reading
India’s Reliance is set to resume oil imports from sanctioned Venezuela, according to a Reliance representative that spoke to Reuters on Wednesday. India had stopped its imports of Venezuelan oil Continue Reading
Ecuador’s state-owned energy company Petroamazonas has suspended production at three fields amid protests against rising fuel prices that have forced the government to move from the capital Quito to the Continue Reading
Venezuela’s oil production took another hit in recent days, as the country struggles with brimming storage tanks and no buyers. PDVSA slashed output in the Orinoco Belt to just 200,000 Continue Reading
At least three Venezuelan fuel tankers are heading towards Cuba today, part of a flotilla meant to free up domestic storage space while defying a US campaign to cut off Continue Reading
Guyana’s oil revenue should start to flow any minute now. ExxonMobil’s floating production, storage and offloading vessel has been offshore since August. There’s talk of oil before the end of Continue Reading
Ecuador’s President Lenin Moreno declared a nationwide state of emergency on Thursday amid violent protests across the country over the end of fuel subsidies that have been in place for Continue Reading
PDVSA and China’s state-run CNPC have stopped all oil blending at their joint venture operation, Petrosinovensa, exclusive Reuters sources divulged on Thursday. PDVSA holds 50.1% of the JV, while CNPC Continue Reading
Russia plans to have its companies help Cuba to develop its oil and natural gas resources as part of a close energy cooperation, a senior Russian official said on Thursday, Continue Reading
Venezuela saw its oil and oil products exports edge up in September from August, but these higher exports couldn’t drain Venezuela’s overflowing oil stockpiles which further increased last month, Reuters Continue Reading
Ecuador will withdraw from the 14-nation Organization of the Petroleum Exporting Countries (OPEC) from Jan. 1 because of fiscal problems, the country’s energy ministry said on Tuesday. The Andean nation Continue Reading
Brazil’s massive transfer-of-rights oil auction to be held on November 7 has cleared one hurdle as the Brazilian Congress approved on Thursday one section of a larger bill that determines Continue Reading
National Energy Commission (CNE) executive director Angel Canó, on Thur. stated concern over the unexpected drop in the supply of fuel for power plants and asked to diversify the energy Continue Reading
