North American Blue Energy Partners (NABEP), the U.S. government-backed producer of Venezuelan oil, plans to more than double crude production in just over two years as it expands operations in the South American country. NABEP aims to increase production to 500,000 bpd by the end of 2028 from about 200,000 bpd currently, the company said in a […]
Venezuelan bonds have jumped since the Trump administration moved to take control of a huge swath of the country’s oil reserves, as investors factor in the prospect of higher crude production ahead of a debt restructuring that could top $200 billion.
The U.S. government has reached an agreement tied to the development of 17 oil fields in Venezuela containing approximately 65 Bbbl of proven reserves, according to a White House fact sheet released Aug. 31. Under the agreement, Venezuelan interim authorities granted North American Blue Energy Partners (NABEP) 100-year concessions covering the 17 fields. The privately held company plans to invest up […]
Eni S.p.A. has signed an agreement with Venezuela’s Ministry of Hydrocarbons and state-owned PDVSA to relaunch oil operations at the Junin-5 project in the Orinoco Belt.
US President Donald Trump has asked for at least $100bn (£75bn) in oil industry spending for Venezuela, but received a lukewarm response at the White House as one executive warned the South American country was currently “uninvestable”.
According to Secretary of State Marco Rubio and other foreign-policy hawks, Chevron has been providing a financial lifeline for Maduro’s regime to enrich itself and suppress civil rights.
Venezuela has the largest proven oil reserves on Earth, but its energy prowess is as much about quality as quantity. Refineries on the US Gulf Coast process Venezuelan crude by the hundreds of thousands of barrels per day. Volumes hit a six-year high in December, according to Kpler, reaching approximately 300 kbd – a 150 kbd year-on-year increase.
Repsol has secured a licence from the US Treasury Department to continue and expand its oil and gas operations in Venezuela, Reuters reported, citing sources.
Foreign oil companies in Venezuela are concerned they won’t get licenses from the US in time to allow them to operate after May 31.
Polish oil and gas firm Orlen has provisionally chartered a supertanker to load Venezuelan oil for China, according to a shipbroker and tracking data, following a temporary easing of US sanctions on the South American country.