Energy companies heading to Venezuela are being told to bring their own power plants to run their oil and natural gas operations and shield them from frequent blackouts on the nation’s ill-maintained electricity grid.
Venezuela is making a fresh pitch to foreign oil companies: this time, if things go sideways, you may not have to fight it out in Caracas.
The Venezuelan government is circulating a draft of regulations as part of its newly enacted oil law, highly anticipated by companies planning to invest in the country’s increased oil production.
Venezuela’s acting president, Delcy Rodríguez, met Monday with Barbados’ Prime Minister Mia Mottley and invited her administration to invest in energy production in the South American country.
India has ramped up purchases of Russian oil and revived alternate supplies from Africa, Iran and Venezuela to blunt a sharp crude shortfall from the crisis-ridden Middle East, analysts said
Repsol SA said Thursday it had signed a deal with Venezuela on the terms of a renewed partnership that would see the Spanish company increase its oil production in the South American country.
Spain’s Repsol will return to Venezuela after it signed a new deal with the Venezuelan government, with plans to increase crude oil production in the country by 50% from current levels.
Venezuela produced an average of 1.1 million barrels of crude daily this month, up from 942,000 barrels daily in February, according to a PDVSA presentation, as cited by Reuters.
The African Energy Chamber (AEC) has signed a memorandum of understanding with Venezuela’s Ministry of People’s Power for Hydrocarbons and state oil company Petróleos de Venezuela, S.A. (PDVSA), establishing a framework for cooperation across the oil and gas value chain.
Venezuela’s government has suspended 19 production-sharing agreements with private oil companies, Reuters has reported, citing unnamed sources. The deals are for projects in Lake Maracaibo, the Orinoco Belt, and several mature fields.