FT reports that US oil companies need guarantees before investing in Venezuela.
The Financial Times reported that U.S. Oil Companies want "serious assurances" from Washington before making large?investments into Venezuela. President Donald Trump wants them to support his efforts to reshape the energy?markets. The FT, citing sources familiar with the issue, reported that U.S. officials met with energy executives on Wednesday in Miami. Washington and Caracas are progressing, so the talks will come.
Trump Administration says that there are ways to increase Venezuelan oil production quickly
Trump's administration dismissed Tuesday analysts' estimates that it will?take years? to increase Venezuela's crude oil production. They said there are ways to boost the country?s oil sector quickly. The Trump administration is aiming to increase crude production from Venezuela, the South American country that has the largest oil reserves in the world. This comes after U.S. troops seized Venezuelan leader Nicolas Maduro during a raid against its capital Caracas, on Saturday.
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump administration will meet with oil executives this week to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips…
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump Administration plan to meet with oil executives this week in order to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and…
Oil Executives Dispute Trump's Claim of Talks with US Majors on Venezuela
Four oil executives who are familiar with the situation say that the Trump administration didn't consult Exxon Mobil, ConocoPhillips or Chevron about Venezuela either before or after U.S. forces captured Venezuelan president Nicolas Maduro on Jan. 3.This contradicts the assertion made by President Donald Trump on Air Force One Sunday, that he spoke to all U.S. companies of oil "before and afterwards"…
Oil executives say that the Trump administration did not consult US oil majors regarding Venezuela.
According to four oil executives who are familiar with the situation, the Trump administration didn't consult the oil companies Exxon Mobil, ConocoPhillips or Chevron about Venezuela either before or after U.S. forces captured Venezuela's President Nicolas Maduro on Jan. This contradicts the claim made by President Donald Trump on Sunday aboard Air Force One that he spoke to all U.S. companies about Maduro’s capture "before and afterwards".
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields. Due to Washington's sanction…
US oil companies benefit after Trump signals access Venezuelan reserves
U.S. Oil Companies' Shares jumped Monday fueled by the prospect that the U.S. could gain access to Venezuela's vast reserves of oil after President Donald Trump announced that the U.S. was taking control of Venezuela following the arrest of their president. Venezuela has the largest oil reserves in the world, but its production has plummeted over the past decades because of?mismanagement?, a lack of foreign investment after the nationalization and sanctions on the oil industry.
US forces oil majors to invest heavily in Venezuela to recover their debts
Two people who were familiar with this outreach report that White House and State Department officials told U.S. Oil executives, in recent weeks, they needed to return to Venezuela and invest significant capital to revive the damaged industry in order to receive compensation for assets expropriated two decades ago by Venezuela. Venezuela expropriated assets from international oil companies…
Venezuela's distressed debt of billions: Who will collect?
The fall of Nicolas Maduro brought Venezuela's debt crisis, one of the largest unresolved defaults in the world, to the forefront. Venezuela defaulted on its international bonds in late 2017 due to the economic crisis that lasted for years and the U.S. sanctioning the country, which cut it off from the international capital market. The government and the state oil company Petroleos de Venezuela (known as PDVSA) issued the international bonds.
Venezuela's distressed debt of billions: Who will collect?
The fall of Nicolas Maduro brought Venezuela's debt crisis, one of the largest unresolved defaults in the world, to the forefront. Venezuela defaulted on its international bonds in late 2017, after years of economic turmoil and U.S. Sanctions that cut the country off from international capital markets. The government and the state oil company Petroleos de Venezuela (PDVSA) had failed to make payments.
Venezuelan oil reserves: No quick fixes
Even if U.S. Oil Majors invest the billions that President Donald Trump announced just hours after he took office, Venezuela's crude production is unlikely to increase significantly for many years. Venezuela may have the largest oil reserves in the world, but its production has dropped?over the last decade due to a lack investment by foreign firms. In the 2000s Venezuela nationalized oil operations that included?assets? of Exxon Mobil & ConocoPhillips.
Australia requires LNG exporters to retain a minimum for the home market
Australia's new scheme will require exporters of liquefied?gas to keep up to 25% of their output for domestic use. The plan was announced on Monday in an effort to curb price spikes and fill a supply gap that has been predicted. The government of Anthony Albanese, a centre-left Prime Minister, said that it would work closely with exporters to create a system which limits the amount of domestic gas. A minimum allocation at local level is between 15 and 25 percent.
Wall Street closes lower after AI funding worries drag down tech stocks
Wall Street's major indexes ended lower on Wednesday. The S&P 500, and the tech-heavy Nasdaq fell to new lows in three weeks as persistent concerns about the artificial-intelligence trade weighed down technology stocks. Oracle fell 5.4% following a report that said Blue Owl Capital, the largest cloud data center partner of Oracle, would not support a $10 billion contract for its next facility.
Wall Street closes lower after AI funding worries drag down tech stocks
Wall Street's major indexes fell on Wednesday, as the S&P 500 and tech-heavy Nasdaq sank to three-week lows. Worries about artificial intelligence trade continued to weigh on technology stocks. Oracle shares fell after a report stated that Blue Owl Capital, the largest data center partner of Oracle's cloud company, would not support a $10 billion contract for its next facility. Amazon.com's stock price fell after reports that the company was in talks with OpenAI to invest $10 billion.
Wall Street drops as AI funding worries hit tech stocks
Wall Street's major indexes dropped on Wednesday. The?S&P 500, and the tech-heavy Nasdaq were at their lowest levels in three weeks as nagging concerns about?the??artificial intelligence? trade weighed down on technology stocks. Oracle shares fell by nearly 5% following a report that said Blue Owl Capital, the company's biggest data center partner, would not support a $10 billion contract for its next facility. Amazon.com increased by 0.3%.
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations will ensure that the output of America's most prolific patch of oil will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin…
Bousso: ROI-Permian will retain US oil crown after peaking even though it has reached its peak
The Permian Basin is set to reach its peak oil production in December. This will be a turning point for the U.S. Shale Boom that has reshaped the global energy markets over the last 15 years. But drilling innovations mean that output in America's largest oil patch will remain stable for many years. In its latest Short-Term Energy Outlook, the U.S. Energy Information Administration reported that the Permian Basin…
Australia is preparing to review its gas market, which could affect LNG exports
Australia will soon issue a review of the gas market that could limit exports from its east coast. Three operators, led by Shell and Santos, send cargoes to Asia. They said that the review, which they expect Canberra to release this week, may 'include a plan for LNG exporters to prioritize local supply in the populous east, the main source of domestic demand. Tony Wood, energy analyst at Melbourne's Grattan Institute, said that the government is trying to solve a difficult problem.