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Oil & Gas

Oil & Gas

US may 'adjust' Venezuela sanctions policy post-election, authorities state

The Biden administration will calibrate its sanctions policy towards Venezuela depending on how the highstakes election unfolds in the OPEC country on Sunday, U.S. authorities stated, indicating that Washington might ease punitive measures if President Nicolas Maduro holds a. reasonable vote. However the U.S. also put Maduro on notice that if he claims. victory without providing concrete proof, it would call into. concern whether the global neighborhood ought to accept the. result. Maduro is seeking his 3rd term as leader of Venezuela,. which is under heavy U.S. sanctions. His challenger, opposition. prospect Edmundo Gonzalez, has brought in substantial assistance. Maduro,...

Oil & Gas Exploration

US Court awards CITGO Petroleum over $340 mln in bribery case

Venezuelaowned oil refiner CITGO Petroleum said on Wednesday it was awarded more than $340. million in damages and interest by a U.S. court in a bribery. probe. Previously this month, the District Court for the Southern. District of Texas held CITGO's previous professional Petroleum. Logistics Service (PLS) and its founder Jose Manuel Gonzalez. Testino responsible for scams, breach of agreement and civil. offenses of the Racketeer Influenced and Corrupt Organizations. Act. The U.S. refiner had launched a lawsuits in 2020 versus. the professionals, citing that they attempted to corruptly secure. agreements with the company and its Venezuelan moms and dad...

Oil & Gas

India's Dependence gets United States nod to import oil from Venezuela, source says

India's Reliance Industries has actually received approval from the United States to resume importing oil from Venezuela regardless of Washington's sanctions, a source knowledgeable about the matter said on Wednesday. The United States in April re-imposed sanctions on Venezuela's oil sector in reaction to President Nicolas Maduro's. failure to fulfill his election commitments, but stated some companies. would be authorised to trade and operate in Venezuela. The U.S. Treasury Department declined to comment, while. Reliance did not immediately react to a request looking for. remark. The news was initially reported by Bloomberg. Before U.S. oil sanctions were first imposed on...

Oil & Gas

India raises United States oil imports in June, cuts Russia, data programs

India's monthly oil imports from its greatest supplier Russia slipped partially in June while those from the United States rose to the greatest given that Feb. 2022, information obtained from the industry sources showed. India is the world's third-biggest oil importer and customer, importing more than 80% of its oil needs. Indian refiners had actually positioned orders in May for the majority of the June-arrival oil barrels Refiners in India together delivered in 1.98 million barrels. each day (bpd) of Russian oil in June, down 3.7% from the previous month, the data revealed. However, throughout the very first fiscal quarter...

Climate Change

Oil business flare more natural gas, defying effort to remove practice

Oil business worldwide last year burnt the most natural gas in five years while likewise increasing the strength of the extremely contaminating practice, a. World Bank report found on Thursday. With only six years left to meet a World Bank objective of. stopping regular flaring, the business burned off an approximated. 148 billion cubic meters of gas in 2023, up 7% from 2022 even as. crude oil production increased only 1% over the same time. Drilling for oil frequently yields natural gas too, and some. companies decide to flare, or burn, this gas rather of catching. and saving it, generally...

Natural Gas

BP stops briefly gas-field talks with Venezuela as license expires

Oil major BP has paused discussions with Venezuela on the advancement of a gas project on the maritime border with Trinidad and Tobago following the expiration of a U.S. license to Venezuela in April, a company representative stated on Wednesday. BP this year carried out settlements with Venezuela and Trinidad to develop the 1 trillion cubic feet (tcf). Manakin-Cocuina field that is shared by both nations. The British energy business plans to resume talks with. Venezuela as soon as it can legally do so, the representative stated. With the expiration of OFAC's basic license # 44 in April. 2024, BP...

Oil & Gas

Experts, political leaders call for examination of Venezuela's use of cryptocurrency

Venezuela's usage of digital currencies, anticipated to increase after the United States ordered a winddown of oil handle the approved nation by May 31, will require higher scrutiny by regulators and police, professionals stated on Monday. Venezuela's state oil company PDVSA plans to increase cryptocurrency transactions for its crude and fuel exports as the U.S. reimposes oil sanctions on the nation, sources informed previously this month. It is unclear if payments in digital currency Tether by PDVSA will be targeted by Washington from June 1. Venezuelan opposition politician Leopoldo Lopez and professional Kristofer Doucette presented a report on Monday detailing...

Oil & Gas

Orlen scraps Venezuela oil offers after heavy losses - source

Polish oil refiner Orlen has actually cancelled contracts to buy Venezuelan oil and improved items after losing more than $400 million on prepayments for shipments it never received, a business manager stated on Tuesday. Oil and tanker charter contracts put in place by the Swiss based unit Orlen Trading Switzerland (OTS) were ditched as tankers weren't filling and a U.S. sanctions window will close, the person said. The U.S. Treasury Department in October provided a licence lifting sanctions on Venezuela's oil production and exports through mid-April, triggering trading homes to purchase freights from unknown intermediaries registered as clients of state...

Oil & Gas

Venezuela to accelerate cryptocurrency shift as oil sanctions return

Venezuela's. staterun oil company PDVSA prepares to increase digital currency. usage in its crude and fuel exports as the U.S. reimposes oil. sanctions on the nation, three people knowledgeable about the strategy. said. The U.S. Treasury Department last week provided PDVSA's. consumers and companies until May 31 to wind down deals. under a basic license it did not restore due to a lack of. electoral reforms. The relocation will make it harder for the. nation to increase oil output and exports as business will. need to await private U.S. authorizations to do business. with Venezuela. PDVSA considering that in 2015...

Oil Refineries

Refiner Citgo set to open data space for bidders connected to court auction

Citgo Petroleum , the Venezuelaowned oil refiner, is set to open a. data room in coming days to supply operational and monetary. information to bidders under a courtordered auction that could. result in new ownership, individuals familiar with the matter stated on. Wednesday. A U.S. federal court in 2015 released an auction of shares. in a moms and dad of the Houston-based refiner to satisfy $21.3. billion in judgments for Venezuela's past expropriations and. debt defaults. The auction is because of finish up this year and could. put the seventh-largest U.S. refiner by processing volume in the. hands of competitors...

Oil & Gas

Venezuelan bonds gain back location in prominent JPMorgan debt indexes

Venezuela's sovereign bonds and those of state oil company PDVSA will go back to JPMorgan's. highlyinfluential emerging market bond indexes over a. threemonth period starting from completion of April, the U.S. bank. stated on Thursday. Venezuelan Sovereign and Petroleos de Venezuela S.A. ( PDVSA) bonds will be included in the EMBI Global/Diversified. benchmarks over a 3 month phase-in period starting April. 30th and ending June 28th, JPMorgan said. The re-addition will involve a total of 20 Venezuelan. sovereign and quasi-sovereign bonds representing an overall. notional value of $53 billion, it included. The bonds had actually been put on watch for...

Oil & Gas

Venezuela creates new state in area under dispute with Guyana

Lawmakers in Venezuela allied with the government of President Nicolas Maduro on Thursday authorized the creation of a brand-new state in a territory that is the subject of a long disagreement with surrounding Guyana, in spite of an ongoing global court case. The approval is in line with recent rhetoric from Maduro about his country's supposed right to govern the 160,000-square-km (62,000-square-mile) Esequibo area, but will have no immediate practical effect. The two nations concurred last December to prevent any usage of force and not to intensify stress in the disagreement after a. conference between Maduro and his Guyanese counterpart....

Fossil Fuels

Oil Refineries

Court in Citgo auction needs more time to conclude talks, filing says

U.S. court officials managing the auction of shares in a Citgo Petroleum moms and dad to repay Venezuela financial obligations requested more time to complete their work, according to a court filing on Wednesday. Negotiators need 3 extra weeks to settle conversations and set offer terms, the filing said. Talks with bidders have actually made significant progress, however will not satisfy the court's July 31 deadline, they said. The unprecedented auction is anticipated to lead to an ownership modification of Citgo, Venezuela's foreign crown gem. A. Citgo parent was discovered liable for the South American country's. debts and defaults and...

Fossil Fuels

Venezuela's sovereign, PDVSA bonds drop after contested election outcome

Venezuela's bonds and those of state oil firm PDVSA fell deeper into distressed area on Monday, after both President Nicolas Maduro and opposition rival Edmundo Gonzalez claimed election victory. The majority of Venezuelan bonds were down a minimum of one cent in rate, with the 2019 and 2038 maturities down 1.75 cents each, according to LSEG information. The PDVSA 2022 was bid at 14.6 cents on the dollar, down more than two cents on the day. Venezuela's national electoral authority stated early on Monday that Maduro had won a third term in power with 51% of the vote regardless of...

Fossil Fuels

Venezuela mulls proposal to extend PDVSA-Chevron oil joint venture through 2047

Venezuela's National Assembly on Monday started discussing a proposition to extend through 2047 an agreement in between state oil company PDVSA and U.S. company Chevron to operate a joint endeavor in the country's. biggest producing area. PDVSA and Chevron have four joint ventures in Venezuela that. are producing some 200,000 barrels daily (bpd) of crude. The companies are asking for an extension for Petropiar in. the Orinoco Belt, the partnership that produces the most oil,. Venezuela's deputy oil minister, Elianny Palencia, said during a. presentation at the National Assembly in Caracas. The extension for Petropiar will apply for the duration....

Crude Oil

Refined Products

Oil & Gas Refining

Venezuela mulls proposal to extend PDVSA-Chevron oil joint venture through 2047

Venezuela's National Assembly on Monday began discussing a proposition to extend through 2047 a contract in between state oil company PDVSA and U.S. company Chevron to operate a joint venture in the nation's. largest producing area. PDVSA and Chevron have 4 joint endeavors in Venezuela that. are producing some 200,000 barrels per day (bpd) of crude. The companies are requesting an extension for Petropiar in. the Orinoco Belt, the partnership that produces one of the most oil,. Venezuela's deputy oil minister, Elianny Palencia, said during a. discussion at the National Assembly in Caracas. The extension for Petropiar will make an...

Refined Products

EIA forecasts bigger records for 2024 US oil output, global demand

U.S. oil output and international oil need will likely post larger records this year than formerly expected, the U.S. Energy Details Administration said on Tuesday. The company now expects U.S. oil output to grow by around 310,000 barrels daily (bpd) to 13.24 million bpd this year, about 40,000 bpd higher than its previous projection in May. It anticipates U.S output to be around 13.71 million bpd next year, slightly below the previous 13.73 million bpd forecast. Global oil demand this year is likewise expected to be above price quotes, which were currently forecast to hit record highs, according to the...

Natural Gas Utilities

Trinidad court recognizes ConocoPhillips' $1.3 bln claim versus Venezuela

A Trinidad and Tobago court order has approved ConocoPhillips the right to impose a $1.33. billion claim against Venezuela for previous expropriations, a. decision that might complicate proposed offshore gas endeavors. between Trinidad and Venezuela. The choice on Wednesday offered the U.S. oil company the. right to seize any settlement to Venezuela from joint gas. tasks with Trinidad. The countries and energy companies NGC,. Shell and BP are seeking to develop significant. offshore gas fields. Since winning arbitration awards against Venezuela and its. state oil business PDVSA, Conoco has actually looked for to enforce the. judgments in different courts, consisting...

Oil & Gas Drilling

Venezuela intends to reach 1.23 mln bpd of oil output in Dec, minister says

Venezuela intends to produce 1.23 million barrels daily (bpd). of oil in December, including about 290,000 bpd compared to the. start of the year, following the addition of drilling rigs, oil. minister Pedro Tellechea stated on Friday. The growth follows a 6-month broad license granted by. the U.S. Treasury Department to Venezuela's oil sector last. year. Washington has actually suspended that alleviating, however is issuing. individual permissions to energy companies in Venezuela. We don't need a license to keep producing, Tellechea told. press reporters on the sidelines of a conference in Caracas, referring. to state oil business PDVSA's operations. We...

Refined Products

Venezuela to accelerate cryptocurrency shift as oil sanctions return

Venezuela's. staterun oil business PDVSA plans to increase digital currency. usage in its crude and fuel exports as the U.S. reimposes oil. sanctions on the country, three individuals acquainted with the strategy. stated. The U.S. Treasury Department recently gave PDVSA's. clients and providers till May 31 to wind down transactions. under a general license it did not renew due to an absence of. electoral reforms. The move will make it harder for the. country to increase oil output and exports as business will. need to wait for private U.S. authorizations to do business. with Venezuela. PDVSA considering that last year...

Oil & Gas Transportation

ConocoPhillips ask court to postpone judgment on awards overlap until auction held

ConocoPhillips on Friday asked a U.S. court to delay a choice on overlaps amongst its awards against Venezuela for past expropriations until profits from an auction of shares in a Citgo Petroleum parent are known. U.S. District Court in Delaware is conducting an auction of shares in a parent of the Houston-based Citgo Petroleum to satisfy $21.3 billion in claims against Venezuela's past expropriations and debt defaults. The auction might conclude this year and put the Venezuela-owned refiner in the hands of competitors or financiers. Conoco's three claims total more than $11.5 billion, more than half of the overall amount...

LNG

Trinidad seeks US license for BP gas project shared with Venezuela

The federal government of Trinidad and Tobago has begun talks with the U.S. for a license that would permit the joint development of a natural gas project shared with Venezuela that also includes BP, Energy Minister Stuart Young said on Thursday. The Manakin-Cocuina areas become part of the Plataforma Deltana enormous gas project on the Venezuela side of the maritime border, which stays idled. On Trinidad's side, BP runs the field, and is approaching a financial choice to develop it in keeping with U.S. sanctions versus Venezuela. Venezuela's federal government and BP recently validated speak to revive the joint advancement...

Oil & Gas Refining

Trinidad looks for US license for BP gas task shared with Venezuela

The federal government of Trinidad and Tobago has actually started talks with the U.S. for a license that would permit the joint advancement of a gas task shown Venezuela that likewise involves BP, Energy Minister Stuart Young said on Thursday. The Manakin-Cocuina areas belong to the Plataforma Deltana huge gas task on the Venezuela side of the maritime border, which stays idled. On Trinidad's side, BP runs the field, and is approaching a monetary choice to establish it in keeping with U.S. sanctions versus Venezuela. Venezuela's government and BP recently confirmed speak to restore the joint advancement of Manakin-Cocuina, which...

Oil Refineries

Weak quotes in Citgo auction spurs Venezuela to pitch alternative pay strategy

The highest bid received in a U.S. auction of shares that will decide the fate of Venezuelaowned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a 3rd of courtapproved claims, two individuals knowledgeable about the matter stated. A federal court in Delaware is auctioning the shares of a. parent of Venezuela's foreign crown gem, Houston-based Citgo,. that it discovered liable for the South American nation's debt. expropriations and defaults. Creditors have gathered to Delaware. to push claims totaling $21.3 billion in a case first brought. nearly seven years ago by miner Crystallex. Arise from the first bidding...

Refined Products

Aruba problems alert after oil spill reached neighboring Bonaire

The Caribbean island of Aruba issued an alert on Tuesday after an oil spill that was first spotted near Tobago spread to neighboring Bonaire, threatening its mangrove forests and national parks. A number of Caribbean nations have actually called Trinidad and Tobago to collaborate reactions as the government of the twin-island country tries to stop oil spilling from a barge that capsized in early February while bring approximately 35,000 barrels of fuel oil. We have divided Aruba's area in 4 areas so each department is keeping track of, the director of Aruba's Crisis Management Office (CMO), Rino Hermans, informed ....

Refined Products

Trinidad federal government verifies fuel oil is dripping off Tobago's coast

Trinidad and Tobago's federal government on Friday validated the refined item dripping from a barge that struck a reef and reversed off the coast of Tobago was tested and figured out to be a kind of fuel oil. The leak, which stays unplugged and is spreading to the Caribbean Sea threatening several countries' coasts, was initially found by Trinidad's Coast Guard on Feb. 7 after a barge hauled by a tugboat capsized near Tobago's coast. Analyses of the hydrocarbon discharge gathered in Tobago suggests that the samples are particular of a fine-tuned oil, Trinidad's energy ministry said in a release,...