Venezuela Archives - Panorama Insurance Brokers

Former oil executives get prison sentence in Venezuela, US calls for their release

(Reuters) – A Venezuelan court sentenced six former executives of U.S. refiner Citgo to prison after finding them guilty of corruption charges on Thursday. The officials were arrested in November 2017 after being called into a meeting at the Caracas office of state oil company PDVSA, which owns Citgo. They were accused of crimes such… Read More

U.S extends Chevron’s stay in Venezuela to mid-2021

(S&P Global Platts) The US Treasury said on Tuesday that Chevron and top oilfield services firms can remain in Venezuela until June, extending a wind-down deadline that was set to expire on December 1. The move effectively punts the decision on Chevron’s oil and gas operations in heavily sanctioned Venezuela to the administration of President-elect… Read More

Eni gets greenlight from US authorities to offload crude from tilting oil tanker

The Energy Chamber of Trinidad and Tobago said in an update on Friday that Italian-based multinational oil company, ENI has been given the green light from the United States to offload crude oil from the Nabarima FSO, without breaking the international sanctions regime.  ENI will then be able to repair the vessel. Approval was received from… Read More

Venezuela crude inventories mount as exports drop ahead of sanctions deadline

(Reuters) Crude inventories at Venezuela’s main oil export terminal, Jose, have hit their highest levels since August as customers shy away from state oil company Petroleos de Venezuela due to U.S. sanctions, a document seen by Reuters on Monday showed. Storage levels at Jose reached 11.8 million barrels as of Saturday, more than double the… Read More

Venezuela says it has produced drug capable of eliminating COVID-19

(teleSUR) Venezuela’s President Nicolas Maduro Sunday announced the discovery of a high-effective treatment capable of eliminating COVID-19 and pointed out that a drug will be presented to the World Health Organization (WHO) for certification. The treatment, based on a molecule called TR-10, was designed by the Venezuelan Institute for Scientific Research (IVIC), which had been working on a cure… Read More

Several attempts made since 2019 to offload cargo from Venezuelan tanker threatening to spill crude

The Venezuelan ship – FSO Nabarima – with more than 1 million barrels of crude has been immobilized and anchored in the Gulf of Paria in northeastern Venezuela since January 2019. State-owned oil company PDVSA has not been able to properly maintain the vessel and imports of much needed replacement parts are currently blocked by sanctions,… Read More

Venezuela state oil company plans to offload crude from vessel under threat of sinking near T&T

(Marine Link) Venezuelan state oil company Petroleos de Venezuela (PDVSA) plans to offload crude from the Nabarima floating oil facility via ship-to-ship (STS) transfer amid environmental concerns, two people familiar with the matter said on Monday. The Nabarima, part of PDVSA’s Petrosucre joint venture with Italy’s Eni SpA in the Paria Gulf off Venezuela’s eastern… Read More

Guyana, Caribbean agencies monitoring Venezuelan oil tanker on verge of sinking near Trinidad & Tobago

The Civil Defence Commission (CDC) in Guyana and the Caribbean Disaster Emergency Management Authority (CDEMA) are closely monitoring a Venezuelan-flagged tanker anchored in the Gulf of Paria near Trinidad and Tobago, which is under threat of spilling 1.3 million barrels of crude. The CDC said Tuesday the FSO Nabarima oil tanker can impact the ecological… Read More

U.S. expresses concern over tilting oil vessel near T&T, supports efforts to avert potential disaster

The United States through its Embassy in Trinidad and Tobago said on Friday it is concerned by the potential risk to safety and environment posed by the Venezuelan-flagged vessel, Nabarima, in the Gulf of Paria. The Floating Storage and Offloading (FSO) ship has been tilting precariously in the Gulf of Paria with 1.3 million barrels of crude onboard. “We strongly support… Read More