Venezuela
News
April 25, 2025
Vitol Group has stepped up oil purchases in Venezuela in the final weeks of a U.S. license that allows the world鈥檚 largest independent oil trader to do business in the sanctioned nation. Vitol is set to load at least 2.5 million barrels of Venezuelan oil this month, according to documents seen by Bloomberg.
News
April 11, 2025
Chevron Corp. was ordered to return nearly 1 million barrels of Venezuelan oil to Petroleos de Venezuela SA in a blow to the oil major, which was working to secure crude before wrapping up operations in the country when a U.S. sanctions deadline hits in May.
News
March 31, 2025
The Trump administration revoked permits and waivers allowing Western energy firms to operate in Venezuela, three people familiar with the issue said Saturday. The move further isolates Venezuelan President Nicolas Maduro from the world oil market.聽
News
March 20, 2025
The Trump administration is poised to extend Chevron Corp.鈥檚 deadline to halt its Venezuela operations for at least another 30 days, following lobbying efforts by the Texas-based oil giant, people familiar with the matter said.
News
March 13, 2025
Venezuelan oil contractors are continuing their work with Chevron Corp. and have not been warned of an impending shutdown despite a U.S. government deadline to stop producing oil there by early April.
News
March 04, 2025
The U.S. Treasury followed through on President Trump鈥檚聽pledge聽to stop Chevron's operations in Venezuela, delivering a major blow to Nicolas Maduro鈥檚 autocratic regime.聽Chevron has ramped up production in recent years to supply about 20% of Venezuela's overall output.
News
February 26, 2025
U.S. President Donald Trump said he plans to revoke an oil license to operate in Venezuela, citing the country鈥檚 failure to take back migrants to the U.S. as quickly as it promised. Under the terms of the license, Chevron would have to exit Venezuela by the end of July.
News
February 24, 2025
Chevron's presence in Venezuela has helped lift the nation鈥檚 crude production back above 1 million bpd, in turn boosting the local economy. Now U.S. President Trump is poised to leverage this to get what he wants from Venezuelan President Nicol谩s Maduro.
Article
December 2024
Traditional producing countries in Latin America continue to stagnate, despite their great potential. However, to balance this scenario, non-traditional countries, such as Argentina, Guyana and Suriname, will attract new and important investments in the short and medium term to increase oil and gas production.聽
News
October 25, 2024
(Bloomberg) 鈥 Venezuela鈥檚 Vice President Delcy Rodr铆guez met with Indian energy officials on Friday to explore new oil and gas partnerships between both countries.聽
News
October 21, 2024
(WO) 鈥 Venezuela detained former Oil Minister Pedro Tellechea over the weekend as part of an internal purge at the state-owned oil company, PDVSA, after President Nicol谩s Maduro鈥檚 disputed reelection.
News
October 09, 2024
Jindal Power Ltd. is walking away from a venture that would have operated an oil-processing facility for Venezuela鈥檚 state-controlled crude producer, according to people familiar with the matter.
News
July 10, 2024
Cisneros, who is chairman of Cisneros Corporation, is entering a joint venture with PDVSA through Globalable Holding SL. The JV known as Petrocabimas is based in the western Zulia state and is projected to quadruple current production to 50,000 bpd by 2026, Cisneros said in a statement. PDVSA did not reply to a request for comment.
News
May 23, 2024
Repsol recently signed a deal with state-owned Petroleos de Venezuela SA that adds jointly managed fields to its operations. In the next few months, the assets are expected to produce 20,000 bpd, doubling what the European major currently produces in one of its three ventures, Chief Executive Officer Josu Jon Imaz said in a call with investors in April.
News
May 16, 2024
Oil firms that want to stay in Venezuela are flooding the U.S. Treasury鈥檚 Office of Foreign Assets Control with applications for permits after Washington reimposed sanctions last month, leaving officials struggling to clear the backlog.
News
May 14, 2024
Venezuela鈥檚 armed forces have moved 鈥渟ubstantial quantities鈥 of personnel and equipment near the disputed, oil-rich Essequibo region that鈥檚 controlled by Guyana, a Washington-based think tank reports, potentially escalating tensions ahead of presidential elections.
News
April 26, 2024
The new fields, Tomoporo and La Ceiba, contain more than 5 Bbbl of oil and are part of a venture in which Repsol holds a 40% stake and PDVSA holds the remainder.
News
April 18, 2024
Venezuelan firm A&B Investments will partner with Petr贸leos de Venezuela to run heavy oil fields in the Orinoco Belt and an associated processing facility, according to people familiar with the negotiations who asked not to be named because discussions are ongoing.
News
April 17, 2024
The U.S. plans to allow a Treasury Department license permitting oil and gas production to expire without renewal on Thursday, according to people familiar with the plan, who asked not to be identified without permission to speak publicly, if Venezuela fails to act.
News
March 15, 2024
Trinidad鈥檚 energy minister and its national gas company鈥檚 vice president and bp鈥檚 local head and Venezuela鈥檚 oil minister had met to discuss developing the Manakin and Cocuina fields as one project. bp operates the Manakin field, which lies in Trinidad鈥檚 waters.
News
March 10, 2024
The Petrobras delegation visited oil fields in Lake Maracaibo this week in what people familiar with the matter described as a courtesy trip. Maracaibo is a key production region for Venezuela and an opportunity for the country to resuscitate the linchpin of its economy after years of underinvestment.