SLB has access to Venezuelan oilfield data via contract, say sources
Three sources said that a contract signed by SLB with Venezuela's PDVSA, the state-run oil company in Venezuela, last week gave the U.S. technology and oil services company access to oilfield data from the nation with the largest crude reserves. According to sources, the?deal?will enable SLB to upgrade and organize PDVSA’s vast but outdated database following years of neglect as well as a recent cyberattack. Venezuela hasn't published oil statistics for more than 10 years.
CORRECTED - BP sells 20% stake in Manakin Gas Field to Trinidad's NGC
BP 'has agreed to sell a 20% stake in a block containing the Trinidad portion in the Cocuina Manakin natural-gas field across the border to the state-owned National Gas Company of Trinidad, the company announced on Monday via email. BP reported that BP and NGC had signed the agreement on?Monday. Cocuina and Manakin, which contain 1 trillion cubic feet in natural gas reserves, lie on the border between Trinidad and Tobago…
BP sells 20% stake in Manakin Gas Field to Trinidad's NGC
BP announced on Monday that it had agreed to sell a 20 percent stake to the state-owned National Gas Company of Trinidad in a block containing the Trinidad portion the Cocuina Manakin natural 'gas field. BP reported that the NGC and BP signed the agreement on Monday. The Cocuina and Manakin fields, which contain 1 trillion cubic feet in natural gas reserves, lie on the border between Trinidad and Tobago, Venezuela and Trinidad, with the Cocuina portion forming part Venezuela's undeveloped Deltana Platform project.
Oil companies sign agreements in Venezuela but delays persist
Four?sources? involved in the preparations say that Venezuelan officials and oil executives are moving ahead with the migration of dozens joint ventures into a new framework approved as part of a government reform. However, there is still a delay in finalizing agreements necessary to greenlight these projects. Venezuela's Oil Ministry had set a deadline of July 28 for the completion of the migration process. However, the many permits and agreements that are linked to the core contracts have caused obstacles.
Sources: Oil rig explosion in Venezuela causes at least 17 injuries to workers
Three sources said on Monday that an explosion occurred late Sunday at a rig operated by the state-owned?oil 'company PDVSA, in Venezuela's central region of Los Llanos. At least 17 workers were injured, two of whom suffered severe burns. Accident occurred on PDVSA’s Colven '02 rig located in Apure state. According to sources, some of the injured workers were taken to Colombia for medical attention, and others to the nearby town of Guasdualito.
Repsol, the Spanish energy company, is expanding into a new oilfield in Venezuela
Repsol wants to expand its portfolio in Venezuela, adding the Horcon oilfield, said the 'Spanish' energy producer on Thursday. This comes after signing agreements with Venezuelan government earlier this week. The company is an important partner for Venezuela's PDVSA, the state-owned oil and gas company. Since March, Repsol and Eni have signed preliminary agreements with Venezuela to'secure natural gas supplies from…
Valero Seeks US Approval to Import Venezuelan Oil
Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S. sanctions on the OPEC-member nation in an effort to encourage a political dialogue with the country's opposition.
Crude Spill Hits Environmentally-sensitive Area in Venezuela, Report
Crude oil spilling from one of state-run PDVSA's joint ventures has hit an environmentally sensitive area at Venezuela's eastern region, three sources close to the operations said on Tuesday.Oil spills and gas leaks have become frequent in recent years in Venezuela, where lack of investment and delayed maintenance have contributed to the deterioration of PDVSA's aging energy infrastructure.The leak came from an oil well at Platform G…
Two Iranian Tankers Sail Back After Venezuela Delivery
Two Iranian tankers that delivered fuel to Venezuela as part of a five-vessel flotilla have begun to sail back, according to Refinitiv Eikon, as the government of the South American nation prepares stations to begin charging for the gasoline.The supply is meant to ease fuel shortages that have plagued the country. After three months of fuel rationing, Venezuelans began lining up on Saturday to wait for the Iranian…
Iranian Tanker Docks in Venezuela
The first of five Iranian tankers carrying fuel to Venezuela has moored at a port serving the El Palito refinery, the oil minister said on Monday, and Refinitiv Eikon data showed a second vessel had entered its waters.Iran is providing Venezuela with 1.53 million barrels of gasoline and refining components in a move criticized by U.S. authorities as both countries are under U.S. sanctions, according to the governments…
Venezuelan Detains More than 30 PDVSA Workers
At least 38 workers from Venezuela's state oil company Petroleos de Venezuela’s, including the president of maritime subsidiary PDV Marina, were detained on accusations of trafficking fuel, Venezuelan Interior Minister Nestor Reverol said on Saturday, describing the accusations as "treason."The move comes just days after other state officials were detained and amid a shakeup at PDVSA after President Nicolas Maduro last month named a committee to restructure the OPEC nation’s oil industry…
Venezuela, China Expanding Crude Oil JV
A Venezuelan oil joint venture with a state-owned Chinese company has started an expansion project to boost output to 165,000 barrels per day (bpd), President Nicolas Maduro said on Thursday, from a current capacity of 110,000 bpd.Sinovensa, owned by PDVSA subsidiary Venezuelan Petroleum Corp (CVP) and China National Petroleum Corp (CNPC), produces extra-heavy Orinoco crude and blends it with lighter oil to produce medium-grade Merey."Thanks always to China…
Venezuela Sells Oil to Tiny Turkish Firm
With U.S. sanctions blocking Venezuela from selling oil to the United States, state-owned energy firm PDVSA has turned to several little-known buyers that include a tiny Turkish company with no refineries but ties to President Nicolas Maduro's government, according to internal documents and a PDVSA source.Until recently, some of the world's largest petroleum and refining firms, including U.S. companies Chevron and Valero Energy…
Ven's Blackout Halts Oil Exports From Primary Port
Venezuela's state-run oil firm PDVSA has been unable to resume crude exports from its primary port since last week's massive power outage, essentially crippling the OPEC nation's principal industry, people familiar with the matter said on Monday.Power remained patchy in most of the country after a blackout on Thursday that the government of President Nicolas Maduro claimed was a U.S.-backed act of "sabotage" on the…
PDVSA Ex-exec Admits Taking Bribes
A former finance executive of Venezuelan state oil company PDVSA accepted $17 million in bribes as part of a broad embezzlement scheme, U.S. federal prosecutors said on Wednesday, in a case that implicates a French oil firm and a Russian bank.The former executive, Abraham Ortega, admitted to taking the bribes as part of a guilty plea to one count of attempting to launder $12 million of the illegal payments, the U.S.
PDVSA Raises Prospect of Force Majeure on Oil Exports
OPEC member Venezuela has raised the prospect of declaring force majeure on contracts with major crude buyers amid plummeting output from its oil fields and tanker bottlenecks at ports, according to three sources familiar with the matter.Falling production from Venezuela has contributed to a rally in global oil prices to a near four-year high, and other OPEC members may boost output at a meeting later this month to…
Under Military Rule, PDVSA Workers Quit in Stampede
Chauffeured around in a sleek black pick-up, the head of Venezuela's oil industry, Major General Manuel Quevedo, last month toured a joint venture with U.S. major Chevron. Flanked by other trucks carrying security guards, Quevedo passed a handful of workers waiting by an oil well cluster. They wanted a word with the OPEC nation's oil minister and president of its state-run oil firm, PDVSA, about the sorry state of the company. Quevedo and his caravan drove on by.
Ex-PDVSA oil czar Ramirez Probed in $4.8B Scandal
Venezuela is investigating Rafael Ramirez, a once powerful oil minister and former head of state oil company PDVSA, in connection with an alleged $4.8 billion Vienna-based corruption scheme, the state prosecutor's office announced on Friday. Prosecutor Tarek Saab said Ramirez and at least four other oil executives from the South American OPEC nation sold crude oil at below market prices in exchange for bribes. Venezuelan…
PDVSA: Making Delayed Bond Interest Payments
Venezuelan state oil company PDVSA said late on Thursday it had begun the process of making interest payments on four of its bonds, asking investors to trust the company's "financial capacity" following repeated payment delays. The cash-strapped company has for months struggled to make timely payments on its heavily discounted bonds, in part because U.S. sanctions have made banks wary of being involved in any Venezuela-related operations.
Venezuela to Bring More Military Officials into PDVSA
The general appointed to run Venezuela's energy sector will bring more military officials into the senior ranks of state oil company PDVSA during a major shakeup intended to root out corruption, two company sources told Reuters on Monday. President Nicolas Maduro on Sunday named Major General Manuel Quevedo to lead PDVSA and the Oil Ministry, giving the already powerful military increasing clout in the OPEC nation.