pdvsa – Oil & Gas 360

Venezuela’s oil exports hit a 4-year peak on higher output, sales to US, India

November 1, 2024

(Investing) – HOUSTON/MARACAY – Venezuela’s oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA. The increase happened despite a large storage terminal fire last month, tighter U.S. sanctions since June and the

India’s Jindal exits oil venture with Venezuela’s PDVSA

October 9, 2024

(World Oil) – Jindal Power Ltd. is walking away from a venture that would have operated an oil-processing facility for Venezuela’s state-controlled crude producer, according to people familiar with the matter. India’s Jindal is exiting the deal under which it would have overseen one of Petroleos de Venezuela’s key installations for producing and processing heavy-crude oil for export, said the people, who

Trinidad’s court reaffirms recognition of ConocoPhillips’ claim against Venezuela

July 19, 2024

Yahoo Finance Trinidad and Tobago’s High Court reaffirmed on Thursday a decision recognizing U.S. oil producer ConocoPhillips’ arbitration claim against Venezuela, which could freeze the Caribbean country’s payments to its neighbor for joint natural gas projects. In late May, the court’s original decision opened the door for ConocoPhillips to enforce in that country a $1.33 billion claim against Venezuela for

Venezuela signals willingness for new round of talks with U.S.

July 2, 2024

Oil Price Venezuela’s president, Nicolas, Maduro, has accepted a U.S. proposal for a new round of talks on local policies and the future of U.S. oil sanctions on Caracas. “I have received the proposal during two continuous months from the United States government to reestablish talks and direct dialogue,” Maduro said on Venezuelan television, as quoted by the Associated Press “After thinking

Oil eases as US crude, fuel stock builds bolster demand jitters- oil and gas 360

Venezuela representatives meet U.S. officials to discuss Citgo auction

June 5, 2024

Oil Price U.S. officials and lawmakers have recently met with Venezuelan opposition politicians and supervisors of state-owned refiner Citgo Petroleum, as Venezuela seeks to pause an ongoing court-ordered auction of shares, sources close to the discussions have told Reuters. The sale process of shares to pay creditors and claimants against Venezuela’s oil asset appropriation and debts owed by Citgo was launched by a

Venezuela in talks with oilfield services firms to revive oil production

November 6, 2023

Oil Price After the sanctions relief from the U.S. last month, Venezuela is in contact with domestic and international oilfield services providers to help it ramp up crude oil production, Reuters reported on Monday, citing sources close to the negotiations. Venezuela’s state-controlled oil firm PDVSA is discussing hiring equipment and services from oilfield services suppliers now that the United States has lifted sanctions on Venezuela’s

Venezuela’s PDVSA audits accounts with tycoon’s petcoke firm amid probe

March 29, 2023

Nasdaq CARACAS/SINGAPORE- Venezuela’s state-run oil company PDVSA is reviewing accounts of Maroil Trading, owned by Venezuelan shipping magnate Wilmer Ruperti, over outstanding debts from petroleum coke supply, five sources close to the audit said, amid a widescale anti-corruption probe. Geneva-registered commodities firm Maroil Trading AG, responsible for most of the country’s exports of petroleum coke, also known as petcoke, owes PDVSA

Venezuela halts nearly all oil exports amid payment probe

March 24, 2023

Oil Price Crude oil exports from Venezuela have all but dried up as the government investigates oil contracts with a mountain of unpaid oil purchase bills to the tune of $21 billion. According to Reuters, the investigation, which has so far seen at least 20 arrests and the resignation of Venezuela’s oil minister, is now at a stage where invoices

Venezuela’s PDVSA has $21 billion in unpaid oil sales to collect

March 22, 2023

Oil Price Venezuela’s state-owned oil firm PDVSA is owed a massive $21.2 billion from its oil sales, or around 84% of its total invoiced cargo shipments of the past three years, documents reviewed by Reuters showed this week. After the U.S. sanctions on its exports, Venezuela started turning in 2020 to little-known oil trade intermediaries after the withdrawal of legacy oil

PDVSA uses cash-stuffed backpacks, scrap metal as pay to restart oil production

December 9, 2021

World Oil CARACAS (Bloomberg) –Amid the rusted remnants of Venezuela’s once-mighty oil industry, a motley crew of obscure drillers has achieved a feat few thought possible: It’s more than doubled the country’s crude production in the space of a year. State-owned Petroleos de Venezuela SA has been pumping about 908,000 barrels a day in the past week, according to people

Citi blocked PDVSA attempt to pay Siemens, executive says at trial

September 23, 2021

Fox Business NEW YORK – Citigroup Inc blocked an attempt by Venezuelan state oil company PDVSA to make debt payments to a Siemens unit, a Citi executive testified on Wednesday in a U.S. trial over whether PDVSA is liable for the payments. n a bench trial that began on Tuesday in Manhattan federal court, PDVSA is contending that U.S. sanctions implemented in

Analysis: Venezuela adjusts as sanctions spur Western oil partners to retreat

June 1, 2021

Reuters Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation’s oil sector, according to interviews with a half dozen industry sources, as a key U.S. sanctions deadline looms. U.S. President Joe Biden must decide by June 3 whether to extend a measure allowing Chevron

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