Venezuela








Energy Markets

Oil & Gas

Oil & Gas

After Trump's new order, the trade of Venezuelan oil with China is halted.

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

Oil & Gas

US diplomat: Venezuela has agreed to resume flight of migrants deported from the US

A senior U.S. official announced on Thursday that Venezuela has agreed to resume the flights of illegally-entering migrants deported from the United States. This follows an apparent pause on the flights which began last month. Richard Grenell, a U.S. diplomat, added to his post in which he said that flights will begin on Friday. The Venezuelan Ministry of Communication did not respond immediately to a comment request. Grenell, an envoy for U.S. president Donald Trump, visited Caracas, Venezuela's capital, in late January to meet President Nicolas Maduro, and to discuss deportation, among other things. Soon after, the first repatriation flight...

Oil & Gas

Guyana: Venezuelan vessel enters oil block in Guyanese water

Irfaan Ali, the Guyanese president, said that earlier in Saturday a Venezuelan Coast Guard patrol had entered Guyanese water and approached a vessel delivering oil in an offshore block. A long-running dispute between the neighboring countries has been raging over which country is in control of the Esequibo region, which covers 160,000 square kilometers (62,000 square miles). This case is currently being heard by the International Court of Justice. Exxon has not been able to finish exploration in the northwest part of the block near Venezuela. Ali stated in a press release that "During this incursion the Venezuelan vessel approached...

Mining

Gold Reserve can enforce a $1.1 billion arbitration against Venezuela in Portugal

Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. In afternoon trading, shares of the company increased 1.5% to C$2.63. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be...

Mineral Resources

Gold Reserve wins $1 billion in arbitration against Venezuela

Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be required in order to try to collect any of the funds...

Oil & Gas

CNN reports that Trump's Grenell is expected to meet Venezuelan Maduro this Friday.

CNN, citing an insider familiar with the situation, reported that Richard Grenell, the envoy of U.S. president Donald Trump, is scheduled to meet Venezuelan President Nicolas Maduro in Venezuela on Friday. Could not verify immediately the meeting. Trump said that his administration will likely stop purchasing oil from Venezuela, and is looking at Venezuela "very closely" Grenell, Trump’s special mission envoy, said earlier that he had spoken with several officials in Venezuela, and would start meetings days after the Biden administration, which is leaving office, imposed new sanctions against the government of Maduro. Grenell, in a posting on X, revealed...

Oil & Gas

Orlen reaches deal to recoup $100 million of missing oil payments, source states

Polish oil refiner Orlen has actually reached a settlement to recoup $100 million out of $ 400 million in prepayment for Venezuelan and other oil which the business never ever received, a source acquainted with the matter stated. Under the settlement, state-controlled Orlen will recover the $100 million in numerous tranches by the end of the year from Dubai-based Horizon Global. The company is still attempting to recover the staying prepayments transferred to other business. The settlement was first reported by Polish broadcaster Radio Zet. Horizon Global did not respond to Reuters request for discuss Wednesday. In 2015, Horizon Global...

Oil Refineries

Middle East share of India's Nov oil imports at 9-mth high; Russia down

India's November crude imports revealed Middle Eastern oil at a 9month high while Russia accounted for its smallest share in 3 quarters, ship tracking data obtained from sources showed. Refiners in India have actually been making a pig of on cheaper Russian oil regardless of problems postured by sanctions targeted at lowering Moscow's. oil profits to money its war in Ukraine. The world's third biggest oil importer and consumer in. November delivered in 13% less Russia oil compared with October at. 1.52 million barrels per day (bpd), about 32% of India's total. intake, the information revealed. It imported 2.28 million...

Oil & Gas Drilling

Chevron CEO under pressure to stop share slide as Hess deal stalls

5 years ago, Chevron CEO Michael Wirth won Wall Street honor as the No. 2 U.S. oil business quickly attained a market value larger than Exxon Mobil's after he refused to get into a bidding war with Occidental Petroleum over a rival. He was ahead of the game when the pandemic hit oil and gas need, requiring competitors to make deep cutbacks that Wirth had already taken on at Chevron. Its shares had actually outshined rivals for five years till 2022. Fast forward to 2024 and Wirth's legacy is in threat. Chevron's falling earnings no longer cover its dividends and...

Oil Refineries

Citgo share auction creditors oppose terms of Elliott-affiliate's bid

Lenders looking for proceeds from a U.S. courtordered auction of shares in a moms and dad of Citgo Petroleum to compensate them for Venezuela's debt defaults and expropriations on Tuesday widely slammed regards to a. conditional deal picked in the 2nd bidding round. An Elliott Financial investment Management affiliate on Friday was. named the presumptive winner of the share auction with a bid. that puts an as much as $7.286 billion enterprise worth on. Venezuela-owned oil refining company Citgo. Amber Energy's bid, based on the resolution of parallel. claims by a group of bondholder, is the best way to get...

Oil & Gas

United States studying new visa limitations, oil sanctions on Venezuela amid post-election standoff

The U.S. government is studying. really carefully the possibility of imposing additional sanctions. on individuals in Venezuela along with prospective withdrawing. licenses for oil companies working in the South American. nation, in response to what it calls a deceptive election, a. senior authorities stated on Friday. Brian Nichols, U.S. assistant secretary of state for Western. Hemisphere affairs, made the remarks during a webcast instruction. with press reporters. Using either specific sanctions or the. cancellation of licenses related to sectoral sanctions are. something that we're studying extremely carefully, said Nichols, after. being asked about the possibility of imposing new visa. constraints...

Oil & Gas

US court officer demands brand-new extension to pick winner of Citgo auction

A U.S. federal court officer supervising an auction of shares in the moms and dad of Venezuelaowned refiner Citgo Petroleum on Friday requested a brand-new extension to evaluate quotes and choose a winner of the bidding round, according to a court filing. A complicated bidding system in an unmatched lawsuit to pay up to $21.3 billion in financial obligations from expropriations and financial obligation defaults in Venezuela has actually repeatedly developed hold-ups. The auction is anticipated to see an ownership change of the seventh-largest U.S. refiner. The proposed extension, the third asked for up until now this year, would provide...

Fossil Fuels

Fossil Fuels

Contrarian Funds $3.7 billion bid recommended as starting offer in Citgo parent sale

According to a Friday court filing, a U.S. court official overseeing the auction of shares of the parent company of Venezuelan-owned refiner Citgo Petroleum recommends a judge select a $3.7billion offer from an affiliate of Contrarian Funds as the starting point for a second bidding round in this year. The filing stated that four potential "stalking horses" bids were received before the March 7 deadline for Citgo parent PDV Holding shares. Special master responsible for the auction recommended the offer made by Red Tree Investments, a Contrarian Funds affiliate. Judge Leonard Stark has to accept or reject the offer before...

Fossil Fuels

Trump weighs extending Chevron's license for Venezuela operations, WSJ reports

The Wall Street Journal, citing sources familiar with the talks, reported that the U.S. administration of President Donald Trump is examining a plan for extending Chevron's oil-pumping license in Venezuela. The Journal reported that during a meeting with Chevron CEO Mike Wirth on Wednesday, Trump was open to revoking his recent order giving the company until the beginning of April to close its Venezuela operations. According to the report, Washington is also considering a plan that would impose tariffs on countries who buy oil from Venezuela. The Journal reported that these tariffs were intended to make it more difficult for...

Fossil Fuels

Gold Reserve's'stalking-horse' bid for Citgo's parent shares

Gold Reserve, a Canadian miner, said that its Delaware-based subsidiary, Dalinar Energy has made an offer which could be selected as the opening bid at a court auction for shares of Citgo Petroleum, whose parent company is owned by Venezuela. The federal court in Delaware that is conducting the auction on behalf of Citgo parent PDV Holding is expected to accept the bid as a "stalking horse" bid. This is the minimum or starting offer. Gold Reserve reports that if the court decides to accept rival bids for the sale, the topping-off period begins. The final hearing is scheduled for...

Crude Oil

Oil & Gas Refining

Oil & Gas Refining

Document says that Venezuela's PDVSA will continue to produce and export oil, previously handled by Chevron

According to a document obtained by us on Monday, Venezuela's PDVSA state-run company has developed three scenarios to ensure that it can continue to produce and export oil through its largest joint venture in Venezuela with Chevron after the license granted to the U.S. giant to operate within the country expires at the end of next month. Chevron was given 30 days by the administration of U.S. president Donald Trump to stop all oil exports and operations from Venezuela to the United States, which are currently being done under a license issued in 2022. Chevron is present in this sanctioned...

Oil & Gas Refining

US extends protection to Venezuelan-owned Citgo against creditors

A notice on the Treasury Department's website showed that the U.S. Treasury Department had extended until early July a licence protecting Venezuelan-owned refiner Citgo Petroleum against creditors. The move came after President Donald Trump's government terminated a license for Chevron that allowed it to operate in Venezuela. Venezuela's opposition asked the U.S. for protection of Citgo - the crown jewel in the South American nation's overseas assets - as an American court proceeds this year with the auction of parent shares to pay its creditors. After the auction, the Treasury's Office of Foreign Assets Control (OFAC) must approve any new...

Oil & Gas Refining

Citgo Petroleum's profits plummeted by $305 million in 2024

Citgo Petroleum, a U.S. refiner owned by Venezuela, reported a net profit of $305 million last year. This was below the projected $2 billion profit for 2023. The company also revealed a loss of $146 million in the fourth quarter. The ownership of the seventh-largest refiner in the United States could change if the winning bidder for its shares is selected in a Delaware court-organized auction to compensate 18 creditors who have defaulted on debts or been expropriated in Venezuela. In 2024, a "deteriorating price environment" coupled with lower volumes processed of oil earlier in the year resulted in lower...

Oil Refineries

United States judge problems order to resume Citgo information room, reboot bidding

A U.S. judge managing an auction of shares in the parent of Venezuelaowned Citgo Petroleum on Monday agreed to reopen a data room to permit prospective purchasers to prepare brand-new quotes, a court file showed. Judge Leonard Stark ordered the information space to be opened on Wednesday after listening to creditors in the event urge a brand-new bidding round. The court is auctioning shares in Citgo moms and dad PDV Holding to pay back $21 billion in claims versus Venezuela and state oil company PDVSA for expropriations and debt defaults. A conditional deal of as much as $7.3 billion by...

Mining

United States judge proposes to rearrange stalled Citgo share auction

The U.S. judge supervising an auction of shares in a Citgo Petroleum moms and dad to pay Venezuelalinked creditors on Wednesday proposed significant procedural modifications to advance a case stalled by broad opposition and claims by lenders in other courts. Judge Leonard Stark suggested a series of changes to encourage greater bids in a seven-year-long court case brought by business pursuing up to $21.3 billion in claims for financial obligation defaults and expropriations in Venezuela. An as much as $7.3 billion quote by an affiliate of activist investor Elliott Investment Management might soon be challenged by the court's recommendation to...

Oil & Gas Refining

Citgo reports $25 million loss in Q2 over unfavorable market conditions

U.S. oil refiner Citgo Petroleum on Thursday reported a net loss of $25. million in the second quarter following unfavorable market. conditions and refinery upkeep and upgrades, compared to. income of $410 million in the quarter instantly prior. A U.S. federal court is auctioning shares of among the. moms and dads of the Venezuela-owned company, which is the seventh-. biggest U.S. refiner, in order to pay up to $21.3 billion in. claims from financial obligation defaults and expropriations in the South. American nation. Citgo's crude processing fell to 678,000 bpd with an average. crude utilization of 84% due to turn-around...

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...

Oil & Gas Drilling

BP, Trinidad's NGC get US license for gas development with Venezuela

British oil major BP and Trinidad and Tobago's state energy company NGC have gotten a. twoyear license from the U.S. Treasury Department to negotiate. and establish the CocuinaManakin gas fields with Venezuela,. Trinidad's energy minister stated on Wednesday. Washington last month did not restore a broad license that had. allowed Venezuela to easily export its oil and get. investment, however it has actually considering that issued specific authorizations to. companies attempting to do company in the sanctioned South American. nation. BP and NGC are now allowed to plan a project involving an. offshore reservoir with about 1 trillion cubic feet...

Oil & Gas Refining

Orlen doing all it can to recover money paid for oil it didn't get

Poland's biggest refiner Orlen is taking every possible step to recuperate money paid by its Swiss trading unit in prepayments for oil that was not provided, however this might be very made complex, the company's. CEO said on Thursday. District attorneys in Poland are examining the loss of about. $ 400 million by Orlen Trading Switzerland (OTS) in prepayments,. primarily for Venezuelan oil, in what has actually become a politically. charged story in Warsaw. The truth that a business such as Orlen, one of the largest. companies in Europe ... one of the largest refining issues in. the world ......

Oil & Gas Refining

India's Dependence renews bid for United States license to import Venezuelan oil, sources state

Indian oil refiner Dependence Industries has actually resubmitted a request to the U.S. for an authorization to import crude oil from approved Venezuela, three individuals near to the matter said, and resume oil trade in between the OPEC producer and the as soon as secondlargest destination for its oil. French oil manufacturer Maurel & & Senior prom separately on Monday stated the U.S. on Friday approved it a license to conduct oil and gas operations in Venezuela for the next two years. The U.S. in April did not restore a general license for Venezuela to export oil and fuel to...

Oil & Gas Refining

Oil production at Repsol's Venezuela joint ventures to double, CEO says

Oil production at Repsol's. Venezuela joint endeavors with state business PDVSA is. anticipated to double after a recent contract to broaden locations. designated to the projects, the Spanish oil company's Chief. Executive Josu Jon Imaz said on Thursday. This arrangement includes two new fields (...) currently. producing 20,000 barrels a day, Imaz told analysts in a call to. discuss first-quarter outcomes. So that implies that we are, thanks to this agreement,. doubling the existing production of Petroquiriquire which. currently stands at 20,000 barrels a day (bpd), he added,. referring to one of the company's joint ventures with PDVSA. The Petroquiriquire...

Oil & Gas Refining

U.S. extends license securing Citgo from financial institutions through mid-August

The U.S. Treasury Department extended through midAugust a license protecting Venezuelaowned oil refiner Citgo Petroleum from creditors seeking to impose judgments from previous expropriations and financial obligation defaults, according to a Monday post on the department's site. The Treasury's basic license 5-O bans deals related to Venezuelan state oil company PDVSA's 2020 bonds in the coming months. The bonds were collateralized with a part of Citgo's. equity. A U.S. court-organized auction of shares in a Citgo parent to raise proceeds to pay off Venezuela. financial obligations is due to wrap up in July, potentially resulting in a modification. in ownership...