S&P Global Platts, a leading independent provider of information, benchmark prices, and analytics for the energy and commodities markets, said Thursday the prospects are low for the United States easing crippling sanctions on Venezuela, once one of South America’s most prosperous nations. “S&P Global Platts Analytics sees low prospects for US sanctions relief while the… Read More
Tag: Venezuela
Venezuela: The rise and fall of a petrostate
The Council on Foreign Relations Written by Amelia Cheatham and Rocio Cara Labrado Venezuela’s descent into economic and political chaos in recent years is a cautionary tale of the dangerous influence that resource wealth can have on developing countries. Venezuela, home to the world’s largest oil reserves, is a case study in the perils of… Read More
U.S. could be easing Venezuela sanctions as Treasury greenlights LPG exports
The U.S. Department of Treasury granted a sanctions waiver on July 12 allowing U.S. companies to export or re-export LPG supplies to Venezuela, the first move by the Biden administration to ease sanctions on the economically hard-hit country, S&P Global Platts said in a report this week. A propane shortage in Venezuela has forced many… Read More
Venezuela’s PDVSA turning to local partners to fill gap left by Western companies
(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 U.S. companies win a reprieve to maintain a limited presence in the South American country. U.S. President… Read More
Struggling Venezuela opened door to new South American oil province
Political instability and economic turmoil in Venezuela have caused its economy and oil industry to collapse. The country’s highest-ever oil production occurred in 1998 at 3.5 million barrels per day (bpd), the same year that Hugo Chávez was elected President. Most of Venezuela’s proven oil reserves consists of heavy crude oil found in the Orinoco Belt…. Read More
Last major U.S. oil company in Venezuela gets license renewal from Biden administration
(Reuters) Chevron Corporation, the last major U.S. oil company still operating in Venezuela, received a new U.S. government license allowing it to remain in Venezuela until Dec. 1, the Treasury Department said on Tuesday. The United States beginning in 2019 imposed sanctions barring imports of Venezuelan oil and transactions made in U.S. dollars with Venezuela’s… Read More
Venezuela will need almost $60 billion to return oil industry to its heyday
Venezuelan state oil company PDVSA would need $58 billion in investment to revive its crude production to the levels of 1998 before ex-President Hugo Chavez came to power, equivalent to 3.4 million barrels per day (bpd), a document seen by Reuters shows. According to a Reuters report, in the February 2021 document entitled “Investment Opportunities,”… Read More
Why did Venezuela wait 63 years to contest the validity of the 1899 Award?
By Ivelaw Lloyd Griffith – OilNOW In Part I of this series, I examined Venezuela’s recent saber-rattling moves against Guyana, while in the subsequent article I addressed the high stakes involved for the two countries. With this as background I turn now to a key arena where the controversy is playing itself out: the International… Read More
Venezuela oil production on course to be surpassed by South America’s ‘new kid on the block’
Even with its vast oil reserves of over 300 billion barrels, Venezuela’s output is now on course to be surpassed by new producer Guyana where oil fields are moving to development at a robust pace as the government looks to tamp up programmes geared towards bringing about a massive economic transformation in the South American… Read More
Venezuela oil field shuts down for maintenance, over 300 wells targeted
Venezuela’s state-owned PDVSA has started a maintenance shutdown of its Petropiar oil field located in the Ayacucho block in the Orinoco Belt, according to a technical report reviewed by S&P Global Platts. “It’s being stopped in a programmed manner: 338 wells, nine multi-phase stations and diluent re-pumping, as well as electric supply installations in the… Read More