As Venezuela and its state-owned oil firm PDVSA lurch from crisis to crisis, defaulted creditors are jockeying for position to ensure they are among the first to receive cash when Continue Reading
Venezuela has made a payment to a mining company using government bonds instead of cash, potentially the first time it has done so since U.S. sanctions last year barred similar Continue Reading
Venezuela’s heavily subsidized domestic gasoline prices should rise to international levels to avoid billions of dollars in annual losses due to fuel smuggling, President Nicolas Maduro said in a televised Continue Reading
CARACAS (Reuters) – Venezuelan state oil company PDVSA is appealing a decision allowing Canadian miner Crystallex to take control of shares in U.S. subsidiary PDV Holdings as part of a Continue Reading
CEDROS, Trinidad and Tobago — In the flickers of sunlight off the cobalt blue of the Caribbean sea, the vessel appeared as a cut on the horizon. It sailed closer. Continue Reading
In July, Venezuela’s oil production came in lower than PDVSA had targeted, according to Argus Media . While PDVSA had hoped that it, along with its joint venture partners, would Continue Reading
Crystallex’s victory in a legal battle with Venezuela that paves the way for it to collect a $1.4 billion award hinged on a finding that state oil company PDVSA is Continue Reading
Venezuela’s efforts to stay afloat financially have suffered another blow after a judge in the US gave a Canadian mining company permission to seize the shares of the Venezuelan holding Continue Reading
Venezuela’s state-owned PDVSA’s dependence on its US unit Citgo for refined products and diluent could be put in jeopardy by a US court order Thursday that may result in the Continue Reading
A decline in the water level of the Parana River to a 10-year low is slowing deliveries of oil products and biofuels in central and northern Argentina, an industry source Continue Reading
Over the past year, the U.S. has imposed increasingly restrictive sanctions on Venezuela’s finances and debt issuance as Nicolas Maduro continues to tighten his grip over the collapsing Venezuelan state. Continue Reading
One of the few foreign companies working in Cuba, Melbana Energy said analysis reveals more oil there than expected. File Photo by Michael Bush/UPI | Aug. 7 (UPI) — Melbana Continue Reading
Venezuela’s state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to Continue Reading
Venezuelan President Nicolas Maduro has begun rounding up suspects after he avoided an attempted assassination over the weekend, raising the possibility of yet another security clampdown on the already suffering Continue Reading
Despite a persistent decline in crude oil production, Venezuela has seen its exports of crude to its biggest market, the United States, climb since February this year. In fact, between Continue Reading
Venezuela on Friday began a census of car owners, a move the socialist government says will help determine a “rational” use of fuel but critics warn could lead to rationing Continue Reading
As the economic crisis continues to deepen, Venezuela’s President Nicolas Maduro is promising a new policy on gasoline (the world’s cheapest)— which is currently generously subsidized by the socialist regime. Continue Reading
Argentinian energy industry participants are set to meet August 13 in Neuquen with labor leaders and politicians to discuss the future of the Vaca Muerta, as issues mount that could Continue Reading
An annual review of energy trends from Italian energy company Eni found the United States is a “game changer,” though its Venezuela with the largest reserves. In a report running Continue Reading
A U.S. probe into the laundering of US$1 billion from Venezuela’s state-owned oil company PDVSA has spread to the country’s president, Nicolas Maduro, the Miami Herald reports , citing unnamed Continue Reading
Free-spending Venezuelans once crammed store aisles in foreign countries famously uttering “dame dos” — “I’ll take two.” But the citizens of what was once South America’s richest nation per capita Continue Reading
Racing to keep up with hyper-inflation which the International Monetary Fund (IMF) forecasts will hit 1,000,000 percent this year, the Venezuelan government said it will knock five zeros off its Continue Reading
Colombia is preparing changes to its bidding process for oil areas in an effort to increase investment and find new reserves, the head of the oil regulator said, after repeated Continue Reading
The IMF said the economic crisis in Venezuela, one of the founding members of OPEC, is “profound” as a substantial drop in oil production takes its toll. In an outlook Continue Reading
. Gross discovered recoverable resources for Hess’s Stabroek Block has been revised upward to 4 million barrels of oil equivalent—up from the previous estimate of 3.2 billion barrels. “The Stabroek Continue Reading
Citgo Petroleum, the U.S. refining unit of troubled Venezuelan state oil firm PDVSA, said that the United States had revoked the U.S. visa of Citgo’s chief executive Asdrubal Chavez, in Continue Reading
Venezuela’s Oil Minister Manuel Quevedo has discussed plans with state-held oil company PDVSA to raise the country’s crude oil production in the second half of the year. While Venezuela and Continue Reading
In the past, oil has accounted for 96 percent of Venezuela’s exports and over 40 percent of government revenues. Now, as the nation’s economy continues to crumble amid sanctions, political Continue Reading
Venezuela oil production has plummeted. Where would oil prices be without Venezuela’s collapse? Where are oil prices headed next? This idea was discussed in more depth with members of my Continue Reading
Feature The tragic — and totally avoidable — self-destruction of one of the world’s richest oil economies. In the spring of 1959, at a secretive meeting at a yacht club Continue Reading
Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the Continue Reading
Venezuelan crude sales to the United States recovered in June from May as state-run PDVSA exported more of its diluted oil to its customers and drained inventories from two Caribbean Continue Reading
Storage tanks stand in a PDVSA state-run oil company crude oil complex near El Tigre, a town located within Venezuela’s Hugo Chavez oil belt, formally known as the Orinoco Belt Continue Reading
China Development Bank will reportedly invest $250 million in Venezuela’s Orinoco Belt in an effort to stave off the decline of the country’s heavy oil production. That comes as China Continue Reading
A contract for a floating production vessel offshore Guyana marks the start of the second phase of development of the giant Liza oil field, SBM Offshore said. The offshore services Continue Reading
Australian energy company Melbana sees drilling window opening at a field near the northern coast of Cuba. Map courtesy of Melbana Energy Ltd. July 2 (UPI) — A window for Continue Reading
Citgo Petroleum, the U.S. refining arm of Venezuela’s state-run oil company PDVSA, said on Thursday it appointed two senior executives to new positions as it works to refurbish an idled Continue Reading
The Panama Canal Authority will boost the number of daily reserved transit slots available for LNG vessels starting October 1 and will make improvements that will allow it to increase Continue Reading
Brazilian state-led oil producer Petrobras pumped first oil from the offshore Tartaruga Verde Field, completing installation of the company’s second new floating production unit to enter service in 2018, Petrobras Continue Reading
A tanker that for more than a month was unable to deliver Russian crude to Venezuela’s PDVSA amid a dispute between the state-run firm and ConocoPhillips has discharged its cargo Continue Reading
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
