Venezuela’s most important foreign asset, its $10 billion U.S. refining arm Citgo Petroleum, is hunkering down to arm itself with a legal strategy to block efforts for its board to Continue Reading
That late-night call set in motion a plan that had been developed in secret over the preceding several weeks, accompanied by talks between U.S. officials, allies, lawmakers and key Venezuelan Continue Reading
The political standoff in Venezuela continues as the world watches with apprehension and countries begin to take sides, backing one of the two leaders claiming to be president of the Continue Reading
The Trump administration is poised to impose sanctions on US imports of Venezuelan crude oil, a move which will leave US Gulf Coast refiners scrambling for more costly replacement barrels, Continue Reading
The strong support for Mr. Maduro is a significant blow to the opposition, which wants to use widespread street protests and international support to help break the military’s allegiance to Continue Reading
Venezuelan parliament speaker Juan Guaidó declared himself interim president at a rally in the capital Caracas on Wednesday, drawing support from several Latin American countries and the U.S. Mr. Maduro Continue Reading
A recent sharp contraction in oil production in Venezuela and projected further declines this year will increase already-severe pressure on the government of President Nicolás Maduro, according to investors, especially Continue Reading
The United States and Venezuela were locked in a tense international standoff Thursday as the Trump administration kept embassy staff in the country despite an official order to eject them, Continue Reading
Trump administration seeks to strip Maduro of oil revenues Questions surround commercial transactions with Venezuela Treasury guidance could follow sanctions Washington — The US designation of Juan Guaido as Venezuela’s Continue Reading
Political chaos in Venezuela sparked by international support for the leadership of opposition politician Juan Guaidó has called into question more than $25bn worth of investments made by China and Russia, the Continue Reading
The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signaling potential new sanctions against the country’s vital oil sector as it recognized Venezuela’s opposition leader as Continue Reading
The prospect of further falls in Venezuela’s oil output after the US and Canada embraced its opposition leader as interim president caused tremors in energy markets, underlining the Opec member’s Continue Reading
Venezuela’s state-run oil company PDVSA said on Tuesday its debt fell 5 percent in 2018 from a year ago to $34.6 billion, though it remains in default on most of Continue Reading
Refiners in the United States are stocking up on heavy crude, pushing prices higher, as the Trump administration prepares to slam more punitive measures on Caracas after the inauguration of Continue Reading
The government of Curacao has suspended its selection of a new operator for the Caribbean nation’s 335,000-barrel-per-day Isla refinery until a probe into corruption allegations involving the search has concluded, Continue Reading
U.S. refiners are bidding up prices for scarce types of crude oil needed for their most sophisticated plants as the United States reconsiders harsher sanctions on Venezuela that could further Continue Reading
Venezuelan crude oil production continued its steady decline and hit a new low in December with just 1.15 million barrels per day produced, unwillingly contributing to the OPEC agreed on production Continue Reading
Highlights Trump administration has long resisted oil sector sanctions Citgo, Chevron, PBF, Valero major importers of Venezuelan crude Sanctions on oil flows one of many options being weighed Washington — Continue Reading
A week after Venezuelan President Nicolas Maduro was sworn in for a second term in office, the option of a complete oil embargo against Venezuela has been put back on Continue Reading
Brazilian state oil company Petrobras wants to exercise pre-emption rights for three areas ahead of the sixth bidding round of pre-salt offshore oil to be held later this year. The Continue Reading
The Russian bear is on the prowl once again as President Putin seeks to expand Moscow’s influence and bolster the one-time superpower’s global influence while proving to constituents he can Continue Reading
The editorial board When Nicolás Maduro was sworn in by Venezuela’s Supreme Court for a second six-year term as president on Thursday, a notable judge was missing. Christian Zerpa, a Continue Reading
Seismic research vessels hired by Exxon Mobil to explore for oil off Guyana’s coast have not returned to the site of a December incident with Venezuela’s navy, but they may Continue Reading
Within minutes, a majority of the 35-member Organization of American States, a regional diplomatic body, voted to not recognize the legitimacy of Mr. Maduro’s new government after about 60 countries Continue Reading
Venezuelan President Nicolas Maduro was inaugurated for a second term on Thursday, despite presiding over an economic meltdown of historic proportions and his status as an international pariah. A coalition Continue Reading
The Vaca Muerta has attracted $165 billion in investment commitments as companies like Chevron, ExxonMobil and Total bet on the production growth potential of Argentina’s biggest shale play, but bottlenecks Continue Reading
Every day before dawn, a long line of people forms outside the Spanish consulate in the Plaza la Castellana in Caracas. Venezuelans, many of Spanish descent, are desperate to get Continue Reading
Curacao’s 335,000-barrel-per-day (bpd) Isla refinery has resumed work, management of the government-owned facility said on Tuesday, after eight months of paralysis caused by a dispute between its operator, Venezuela’s PDVSA, Continue Reading
Venezuelan state oil firm PDVSA [PDVSA.UL] has signed a deal with little-known U.S. energy firm Erepla that is part-owned by a prominent Florida Republican to help increase the socialist-run country’s Continue Reading
A fledgling U.S. company set up last year will help Venezuela turn around its falling oil production that has led to the country’s oil exports falling to the lowest in Continue Reading
Due to an unusually low amount of rain in December, the Panama Canal Authority (ACP) announced Monday that the maximum draft for a ship transiting the Neopanamax locks will be Continue Reading
Brazil’s Economy Ministry denied that the government would pay $14 billion to state-controlled oil company Petroleo Brasileiro SA to settle a dispute over an oil-producing zone off the Brazilian coast Continue Reading
OPEC and US Shale have been duking it out in the oil markets for a few years now—ever since the days of $100 oil. OPEC, led by Saudi Arabia, took Continue Reading
Ecuadorean President Lenin Moreno said that a special audit into $4.9 billion worth of oil-related infrastructure investment in the last decade reveals that about half of it was lost to Continue Reading
Thirteen nations announced on Friday that they would not recognize the legitimacy of the new presidential term of Nicolás Maduro of Venezuela, who is set to be inaugurated next week Continue Reading
Retamco Operating has pulled out of a license in the Vaca Muerta after failing to come up with the financing to develop a block in the Argentinian shale play, a Continue Reading
Exxon is still drilling offshore Guyana despite a run-in with the Venezuelan navy last weekend, the company said, as quoted by Reuters. Initial reports from earlier this week said the Continue Reading
Last Friday, the Guyanese government fell after a no-confidence vote, a move that likely was viewed as an opportune moment of weakness in Caracas. A day later, Venezuela’s navy approached Continue Reading
Shell, which two months ago sold its downstream assets in Argentina, said Thursday it will invest in coming years to expand its shale oil output in the country. Photo courtesy Continue Reading
Exxon Mobil Corp ( XOM.N ) said on Wednesday its oil drilling and development activities offshore Guyana were unaffected by a weekend incident in which Venezuela’s navy stopped two exploration Continue Reading
Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos Continue Reading
Venezuela’s foreign ministry on Tuesday described as “interventionist and disrespectful” U.S. comments on a weekend incident in which the country’s navy stopped two ships exploring for oil for Exxon Mobil Continue Reading
Exxon has suspended exploration activities in the western part of the Stabroek block offshore Guyana after the Venezuelan Navy intercepted this weekend two exploratory vessels in what Caracas claimed was Continue Reading
Exxon Mobil and a seismic research company it hired to search for oil off the coast of Guyana declined on Monday to say when they might resume exploration work halted Continue Reading
Ten offshore oil discoveries since 2015 by an Exxon-led consortium, accounting for 5 billion barrels of crude, have turned Guyana, one of South America’s poorest nations, into one of the Continue Reading
The dam sits under the glare of an active volcano, with columns of ash spewing toward the sky. Officials had warned against the dam for decades. Geologists said an earthquake Continue Reading
As allies go, Venezuela is a relatively cheap one for Russia. But the potential returns on Moscow’s investment there could be priceless. In exchange for modest loans and bailouts over Continue Reading
Venezuela’s navy “intercepted” a ship exploring for oil on behalf of Exxon Mobil Corp ( XOM.N ) in Guyanese waters over the weekend, Guyana’s foreign ministry said in a statement Continue Reading
Owned by Norway’s Petroleum Geo-Services and bearing a Bahamian flag, the seismic-survey vessel was stopped by a Venezuelan Navy ship Saturday morning in Guyanese waters, about 90 miles from a Continue Reading
France-based Total, the operator of Brazil’s pre-salt Lapa field, will increase its stake there to 45 percent, and separately create a joint venture with state oil company Petrobras to develop Continue Reading
