Venezuela has replaced the executive overseeing state-run PDVSA’s oil-production joint ventures, two people familiar with the matter said on Friday, the latest shakeup as the OPEC nation’s crude output collapses. Continue Reading
Venezuela’s crumbling oil industry looks set for more political turmoil. Oil minister and PDVSA CEO Manuel Quevedo may be on the outs, as President Nicolas Maduro is preparing a cabinet Continue Reading
As Venezuela collapses, one little-known U.S. investment fund is poised to win big from litigation against its socialist government: Tenor Capital Management. Since 2012, the New York firm has invested Continue Reading
U.S. oil production will continue to grow at a rapid pace until 2025, while Venezuela’s crude output is set for further declines, Fatih Birol, the Executive Director of the International Continue Reading
“Unfortunately, the Republic has stopped paying on these bonds,” Mr. Stancil, an attorney at Robbins, Russell, Englert, Orseck, Untereiner & Sauber, said of Venezuela in an email. “My clients have Continue Reading
The global effort to reduce reliance on gasoline and diesel may be fought on the streets of the world’s cities. In Buenos Aires , officials are making it easier to Continue Reading
A group of creditors has demanded payment on a $1.5 billion Venezuelan bond that is in default, their lawyer said on Monday, kicking off a long-awaited showdown between creditors and Continue Reading
Motiva Enterprises has preliminarily been chosen by the government of Curacao to operate the 335,000-barrel-per-day Isla refinery, replacing Venezuela’s state-run PDVSA, local media said on Saturday. The refinery has been Continue Reading
There have been many unfulfilled expectations and disappointments in the energy market during 2018. At the beginning of the year, I listed four issues for readers to watch. • Renewables, Continue Reading
Sao Paulo — Venezuela’s largest steelmaker Sidor is expected to finish 2018 at its lowest output level in the history, according to production data. According to sources, the company produced Continue Reading
A Venezuelan oil joint venture with a state-owned Chinese company accounting for around 10 percent of the crisis-stricken OPEC member country’s output has nearly doubled production in the past seven Continue Reading
Canadian miner Crystallex has accused Venezuela of breaching a US$1.4-billion settlement agreement as PDVSA continued to try and overturn a court order that allowed Crystallex to take control of the Continue Reading
Total S.A. said Monday it dispatched a ship to begin drilling off French Guyana’s coast, and assured it won’t damage coral reefs in the area. The move comes just days Continue Reading
The ruling United Socialist Party of leader Nicolas Maduro won overwhelmingly Sunday’s local elections in Venezuela amid a very low turnout as most of the opposition was banned from the Continue Reading
Russian officials have cast doubt on multibillion-dollar pledges to Venezuela touted by its president Nicolás Maduro, whose crisis-wracked country has become increasingly dependent on Moscow as its most prominent international Continue Reading
In what some saw as a sign of OPEC’s growing irrelevance in the world of oil, Venezuela’s Oil Minister Manuel Quevedo will take the helm of the cartel beginning next Continue Reading
Venezuela’s President Nicolas Maduro said on state television that Venezuela would put in place in 2019 a program to sell all its oil production in the Petro cryptocurrency, which the Continue Reading
Russia will invest $5 billion to raise Venezuela’s oil production by 1 million b/d under a new economic agreement, Venezuelan President Nicolas Maduro said Thursday. “We have signed contracts to Continue Reading
It is a potentially explosive cocktail. “This is the last year you would want Venezuela as the president,” said Helima Croft, chief commodities strategist at Canadian broker RBC. Related: Is Continue Reading
Two high-ranking Venezuelan officials are traveling to London with plans to meet with the Bank of England over the repatriation of $550 million in gold held in the bank’s coffers, Continue Reading
Australia’s Melbana oil exploration company, which has rights in a Cuban area known as block 9, will now also work to enhance production from the separate Santa Cruz offshore field, Continue Reading
Argentine’s state oil and gas company YPF and Malaysian Petronas will invest jointly US$2.3 billion in an oil production project in the Vaca Muerta shale play, one of the largest Continue Reading
The recent swoon in the oil market may have US President Donald Trump revisiting the idea of tougher sanctions on Venezuela’s crude and refined products. Hawkish White House officials are Continue Reading
Russia signed a new nuclear cooperation agreement with Argentina, which is already negotiating with China about building nuclear reactors. State-owned Russian reactor builder Rosatom said in a statement that the Continue Reading
Saudi Arabia and non-OPEC producer Colombia plan to strengthen energy cooperation, Saudi Energy Minister Khalid al-Falih said on Twitter after a meeting with his counterpart Maria Fernanda Suarez in Bogota. Continue Reading
A Peruvian state oil company said it has received $1.3 billion from lenders, in addition to $2 billion it previously obtained — and that it still plans to borrow $600 Continue Reading
Brazilian state oil company Petrobras said Wednesday it has sold onshore and shallow offshore fields in Brazil for $823 million, part of the company’s efforts to divest assets to focus Continue Reading
Brazil this week pulled out of hosting next year’s United Nations global summit on climate change, the latest signal that Latin America’s largest nation no longer aspires to be an Continue Reading
Brazil has more than doubled the number of risky ship-to-ship oil transfers this year, but its monitoring of such offshore maneuvers is lax, to a point where a July 2017 Continue Reading
Over the past few years, Brazil has held several very successful oil auctions under production-sharing contracts in its pre-salt layer, attracting major oil companies to its prized offshore oil area. Continue Reading
Rosneft’s chief executive, Igor Sechin, last week flew to Caracas to have words with President Maduro regarding delays in the shipments of Venezuelan crude that Caracas had agreed to send Continue Reading
Venezuela’s state-owned oil company PDVSA has settled an arbitration case brought against it by Canadian miner Crystallex and has paid the company US$1.4 billion to avoid having its most precious Continue Reading
Venezuela has reached a settlement with Canadian gold miner Crystallex to hold onto its US refiner Citgo, but will have to stay on top of payments through early 2021 to Continue Reading
Vista Oil & Gas plans to invest $157.4 million in its first pilot projects in Vaca Muerta, betting on the Argentinian shale play for oil and natural gas production growth. Continue Reading
Venezuela’s oil ministry last month turned down a proposal by BP ( BP.L ) to buy Total’s ( TOTF.PA ) stake in a promising but inactive natural gas project along Continue Reading
Cash-strapped Venezuela settled a $1.2 billion arbitration claim that will prevent a creditor from stripping away its crown jewel foreign asset, the U.S.-based Citgo Petroleum Corp refining business, according to Continue Reading
Venezuela is the fifty-seventh country to encounter hyperinflatio n in modern history. The economist Steve Hanke estimated — using the doctrine of purchasing power parity (PPP) — that the country’s Continue Reading
The government blamed illegal logging for the rise Deforestation of the Amazon rainforest in Brazil has hit its highest rate in a decade, according to official data. About 7,900 sq Continue Reading
The 14 subsalt areas that Brazil sold at the country’s five production-sharing auctions will yield about 2.1 million b/d and 24 million cu m/d in fresh output by 2028, according Continue Reading
In the past, Brazil’s massive state-owned oil company Petroleo Brasileiro SA (Petrobras) has operated at the whim of Brazilian politics, a volatile model to say the least. After years of Continue Reading
Venezuela’s state-run oil firm PDVSA has begun talks with shipping firms to set up a second ship-to-ship (STS) operation off the country’s eastern coast in an effort to increase sagging Continue Reading
Argentina will be joining the ranks of exporters of liquefied natural gas (LNG) next year when it stars exporting gas from its Vaca Muerta shale play. Argentina’s energy firm YPF Continue Reading
The Trump administration is considering adding Venezuela to its list of countries sponsoring terrorism in the latest pressure increase on Caracas, Reuters reports , citing a person familiar with the Continue Reading
Venezuela’s state-run PDVSA has reopened a dock at the country’s main oil terminal of Jose that had been closed for almost three months due to a tanker collision, a PDVSA Continue Reading
The Vaca Muerta Shale Basin in Argentina is the only unconventional play outside of North America where activity has already made the transition from exploration to full-scale development. The potential Continue Reading
Brazil’s new far-right President elect Jair Bolsonaro, dubbed in some circles as the “Trump of the tropics”, has huge plans in store for Brazilian crude. His energy team is planning Continue Reading
With chronic shortages of basic goods afflicting her native Venezuela, Veronica Perez used to drive from supermarket to supermarket in her gray Chevrolet Aveo searching for food. But the 54-year-old Continue Reading
Chevron’s dilemma is both moral and commercial. It hopes to hang on and outlast President Nicolás Maduro, as it did with his late mentor Hugo Chávez and other rulers. The Continue Reading
Iran has dominated the headlines over the last few weeks, but Venezuela’s oil sector continues to meltdown. Venezuela’s oil production fell to just 1.197 million barrels per day in September, Continue Reading
While analysts were busy calculating how much Iranian oil will come off the market with the U.S. sanctions and whether Saudi Arabia and Russia are offsetting losses, crude oil production Continue Reading
