Tag: Venezuela

OPEC sees market stability in 2017, Venezuela aims for $70 price

OPEC sees market stability in 2017, Venezuela aims for $70 price

OPEC, some non-cartel members agreed to cut output by 1.8 million b/d late last year Jan 16 (Reuters) – OPEC Secretary-General Mohammed Barkindo forecast on Monday that stability would return to oil markets this year while price hawk Venezuela said it hoped its crude basket would rise to $70 in coming months. The head of […]

By January 16, 2017 0 Comments Read More →
U.S. probe of PDVSA spurs more guilty pleas

U.S. probe of PDVSA spurs more guilty pleas

Two U.S.-based PDVSA execs plead guilty Jan 10 (Reuters) – Two U.S.-based energy executives pleaded guilty on Tuesday to U.S. charges stemming from a scheme to corruptly secure contracts by bribing officials from Venezuela’s state oil company PDVSA. A former general manager of a Florida-based energy company, Juan Jose Hernandez Comerma, 51, and an owner of […]

By January 10, 2017 0 Comments Read More →
Shell to provide $400M financing in PDVSA joint venture company

Shell to provide $400M financing in PDVSA joint venture company

Venezuela says Shell to provide $400 mln financing for oil venture CARACAS, Dec 6 (Reuters) – Royal Dutch Shell Plc will provide some $400 million in financing to boost oil output at Venezuela’s Petroregional del Lago, a joint venture with state-run PDVSA, the South American country announced on Tuesday. Petroregional, which operates the Urdaneta oilfield […]

By December 6, 2016 0 Comments Read More →
PDVSA bribery scandal: Company seeks compensation in case

PDVSA bribery scandal: Company seeks compensation in case

Two Venezuelans living in US pleaded guilty in PDVSA bribery scandal By Nate Raymond Dec 5 (Reuters) – A unit of Venezuela’s state-run oil company PDVSA has asked a U.S. court to order two businessmen to compensate it for carrying out a “staggering” bribery scheme that cost the company $600 million in losses. A motion filed […]

By December 5, 2016 0 Comments Read More →
OPEC supply deal: Venezuela’s Maduro to meet Barkindo on Wednesday

OPEC supply deal: Venezuela’s Maduro to meet Barkindo on Wednesday

Venezuela has pushed for OPEC supply deal since 2014 price collapse CARACAS, Nov 15 (Reuters) – Venezuelan President Nicolas Maduro said on Tuesday he will meet with OPEC Secretary-General Mohammed Barkindo in Caracas to discuss a potential agreement to limit global oil production. “Tomorrow I have a meeting with Mohammed Barkindo to continue working on […]

By November 15, 2016 0 Comments Read More →
Multinational firms dumping Venezuelan operations in fire sales

Multinational firms dumping Venezuelan operations in fire sales

Firms selling or giving away Venezuelan operations to escape soaring inflation, supply shortages By Corina Pons and Eyanir Chinea CARACAS, Nov 15 (Reuters) – Multinational companies are selling their Venezuelan operations at hefty discounts – or even giving them away – as they to seek to escape the OPEC nation’s soaring inflation and chronic supply […]

By November 15, 2016 0 Comments Read More →
PDVSA oil spill in Anzoategui state reported

PDVSA oil spill in Anzoategui state reported

PDVSA oil spill affected drinking water in nearby communities CARACAS, Nov 7 (Reuters) – Venezuela’s state oil company PDVSA said on Monday there had been an oil spill in central Anzoategui state and it was supplying drinking water to affected communities during an operation over a radius of 50 kilometers (31 miles). PDVSA said in […]

By November 7, 2016 0 Comments Read More →
PDVSA inks $1.45 billion in financing to boost oil output

PDVSA inks $1.45 billion in financing to boost oil output

PDVSA deal with DP Delta Finance and India’s ONGC Videsh Ltd. By Deisy Buitrago CARACAS, Nov 4 (Reuters) – Venezuelan state oil company PDVSA on Friday signed financing deals totalling nearly $1.45 billion with a local firm and India’s ONGC Videsh Limited to raise production at joint venture operations. DP Delta Finance, led by the owner […]

By November 4, 2016 0 Comments Read More →
Venezuelan crude sales to the US tumbled 23 per cent in October

Venezuelan crude sales to the US tumbled 23 per cent in October

Venezuelan crude sales to the United States tumbled 23 pct in Oct HOUSTON, Nov 3 (Reuters) – Sales of Venezuelan crude to the United States fell 23 per cent in October to 601,605 barrels per day (b/d) due to fewer shipments of diluted oil from the country’s main producing region, the Orinoco belt, according to […]

By November 3, 2016 0 Comments Read More →
Crisis at PDVSA deepens as Caribbean debts pile up

Crisis at PDVSA deepens as Caribbean debts pile up

PDVSA problems include blocked loading operations, blocked in discharging cargoes due to unpaid debts By Marianna Parraga HOUSTON, Oct 28 (Reuters) – Unpaid debts and broken promises are making Venezuelan oil giant PDVSA an outcast in several Caribbean countries where it had been a guest of honor. The state-run company’s crumbling finances are causing operational […]

By October 28, 2016 0 Comments Read More →